XRP soars 14% today: Whales take advantage of recent drop to accumulate and boost the cryptocurrency

O XRP , Ripple’s native cryptocurrency, has been experiencing a strong rally over the past 24 hours, registering a 14% increase in its value. Behind this movement is a voracious appetite from large investors, known as whales, who took advantage of a recent market correction to accumulate millions of XRP tokens.

XRP’s dip below $3,00 has triggered a buying spree by whales. On-chain data shared by renowned crypto analyst Ali Martinez indicates that these large investors acquired around 120 million XRP during this bearish period, demonstrating significant confidence in the coin’s future. This strong demand, combined with an increasing trading volume, has driven the price of XRP above the $3,12 mark today.

Amidst a scenario of market recovery Cryptocurrencies are showing significant gains this Tuesday, with XRP standing out, leading the gains among the main crypto assets with an appreciation of over 13% today alone. At the time of publication, the price of XRP was quoted at US$ 3,17 with an increase of 13% in the last 24 hours.

What is behind this movement?

Several factors could be contributing to XRP’s recent rally. In addition to whale accumulation, the market is reacting positively to favorable news regarding Ripple’s regulatory situation. The company has been locked in a legal battle with the U.S. Securities and Exchange Commission (SEC), which claims that XRP is a security. However, recent developments in case have led to increased optimism among investors.

Furthermore, technical indicators are also signaling a positive outlook for XRP. The Relative Strength Index (RSI) is above 50, suggesting that the uptrend is strengthening. Furthermore, trading volume is on the rise, indicating strong market interest.

New Crypto ETFs: Grayscale and CoinShares Target XRP, Litecoin, and Solana

Recently, we have seen a significant increase in regulatory records seeking approval of exchange-traded funds (ETFs) backed by cryptocurrencies such as XRP, Litecoin and Solana from financial giants Grayscale and CoinShares.

On January 24, a flurry of filings were filed seeking to create ETFs that directly track the price of Litecoin and XRP. CoinShares, for example, filed for the “CoinShares Litecoin ETF” and the “CoinShares XRP ETF.” Meanwhile, the NYSE (New York Stock Exchange) published a 19b-4 filing for the “Grayscale Litecoin Trust.”