XRP has entered its third consecutive week of increase, while on-chain data shows the number of XRP whales is growing.
The increase in whale addresses coincides with a large derivative trading wave setting long-term buy positions. This indicates strong consensus among XRP traders.
XRP Whales Accumulate Strongly, Currently Holding Over 80% of Circulating Supply
According to Santiment's analysis, the number of XRP whale addresses — addresses holding at least 1 million XRP — reached 2,743 on 07/09. This is a 9.7% increase since the beginning of the year and sets a new record.
In total, these large wallets hold 47.32 billion XRP, accounting for over 80% of the circulating supply.
XRP Price and Number of XRP Whales Since the Beginning of the Year. Source: Santiment"These wallets with over 1 million XRP collectively hold 47.32 billion XRP, as they continue to show confidence in the fourth-ranked market," Brianq, an analyst at Santiment, commented.
This whale accumulation has continued even as XRP's price dropped nearly 30% from its January high. Investors continue to buy during the price decline, indicating that the current price still holds value.
Positive sentiment is also emerging in the derivative market. The decentralized exchange Hyperliquid recently recorded several large long-term positions on XRP.
Additionally, BeInCrypto reported that many analysts expect XRP to form a "God Candle" — a sudden and strong price surge — at some point in 2025.
July Becomes Crucial for XRP ETF Speculation
Another important factor driving the XRP market in July is a series of deadlines for XRP-related ETFs.
Nick, founder of Web3Alert, points out that some XRP ETF applications are facing decisive deadlines from the U.S. Securities and Exchange Commission (SEC) this month. This includes both spot and Futures Contract-based products.
The SEC's decision could significantly shape XRP trading's future in the United States.
Related data shows companies like ProShares, Turtle Capital, and Volatility Shares have XRP ETF products with deadlines in July.
ProShares plans to launch three XRP ETFs on 07/14: Ultra XRP ETF, UltraShort XRP ETF, and Short XRP ETF. Turtle Capital and Volatility Shares also plan to launch funds on 07/21, including 2x leverage versions. Meanwhile, REX-Osprey is expected to submit its XRP ETF application on 07/25.
These events could create strong upward price pressure for XRP. They also open opportunities for institutional investors to enter the market.
However, not everyone is optimistic. Some users on X (formerly Twitter) have suggested that the deadlines might be delayed. They speculate that XRP ETFs could be pushed back to Q4 2025.
Nevertheless, the overall sentiment remains optimistic. Polymarket's prediction market shows a 90% likelihood that an XRP ETF will be approved at some point in 2025.
