Ripple’s XRP Shows Strength as Crypto Peers Decline

XRP holders who are considered ‘whales’ of the market have purchased one billion tokens in the space of 48 hours, in view of the future of the cryptocurrency

The approval of XRP ETF by the middle of this year, 2025 to be precise, following the current positive perception many in the market have towards cryptocurrencies

Keeping with an optimistic trend on the technical front with the aid of the MVRV index, this particular pennant pattern asserts a long-term growth trajectory for XRP in 2024.

Ripple Lab’s XRP token has continued with its consolidation phase even as some of the leading digital currencies including Solana, Polkadot, Cardano among others, plummet. In its last update on Saturday, XRP was $2.39, still hovering just below the high first seen in October 2024

Whales Fuel Optimism with Large Accumulations

Recent data has revealed significant whale activity involving XRP. According to crypto investor Ali Martinez, citing Santiment data, whales accumulated 1 billion XRP tokens in just 48 hours. This substantial accumulation highlights the confidence among large investors despite ongoing market volatility

The public has grown more hopeful that the SEC will soon give its nod to a spot XRP ETF. Two polls from Polymarket which hint at increasing expectations include, one poll shows a 68% chance of approval by 2025. The other survey puts the probability of approval by July 31 at 51 percent

This optimism has been due to the belief in the hope of more friendly regulation on cryptocurrencies in the new administration. Several policy proposals beneficial to cryptocurrency have been suggested by president-elect Donald Trump: They include use of Paul Atkins as the next SEC chair as well as development of a special council on virtual currency and artificial intelligence

Technache metrics show that XRP is in the bullish zone. Experten noticed a daily chart of bullish pennant formation that indicates signs of further upward movement. It has formed this pattern since December and XRP is still above the 50-day MA

Also, the MVRV which stands for the Market Value to the Realized Value now stands at 2.5 which we can infer that XRP is currently cheap. Fundamentalist predict key resistance levels at $2.90; the round number at $3 is the next level

This interest has come at the right time for Ripple as cryptocurrency ETF’s continue to pick up attracting billions of dollars in investment. For instance, ProShares Bitcoin ETF has registered for assets totaling to $2.3 billion, whereas Ethereum has attracted $11.6 billion in assets

Others in the investor's spotlight as potential ETF holders apart from XRP include Solana, Hedera Hashgraph, and Chainlink. Such developments could bring further institutional interest and market momentum