XRP prices have earned profits for the third consecutive week, but on-chain data has seen an increase in the number of XRP whales.
The spike in whale addresses coincides with a wave of large derivative trading that places its long position. This indicates strong integrity among XRP traders.
XRP whales have accumulated aggressively and now hold more than 80% of their circulating supply
According to an analysis from Santiment, the number of XRP whales addresses (people with at least 1 million XRP) reached 2,743 on July 9th.
Collectively, these large wallets hold 473.2 billion XRP, accounting for more than 80% of the circulation supply.
“These 1 million+ wallets collectively hold XRP 473.2 billion because they continue to show confidence in the future of #4 market capitalization,” commented Brianq, analyst at Santiment.
This whale accumulation continues even as XRP prices fall by nearly 30% from their January high. Investors continue to buy during the decline, indicating that current prices still offer value.
Positive sentiment is also emerging in the derivatives market. Dispersed exchange lipids have recently recorded several large long positions in XRP.
Additionally, Beincrypto reported that many analysts hope that XRP will form a “God’s Candle” (a sudden, powerful price surge) in 2025.
July will be important for XRP ETF speculation
Another important factor fueling the XRP market in July is the series of deadlines for funds (ETFs) trading on XRP-related exchanges.
Nick, founder of Web3Alert, noted this month that several XRP ETF applications face a decision deadline from the U.S. Securities and Exchange Commission (SEC). These include both spot-based ETF products.
The SEC’s decision could significantly shape the future of US XRP trading.
Related data tables show that companies such as ProShare, Turtle Capital and Volatility Stocks have XRP ETF products with a July deadline.
ProShares is scheduled to launch three XRP ETFs on July 14th. This is an Ultra XRP ETF, Ultrashort XRP ETF, and Short XRP ETF. Turtle Capital and Volatility stocks are set to launch funds on July 21, including a double leveraged version. Meanwhile, Rex-Soprey is scheduled to submit its XRP ETF on July 25th.
These events could bring strong bullish pressure on XRP prices. They also open the door for institutional investors to enter the market.
But not everyone is optimistic. Some users of X (formerly Twitter) suggest that deadlines may be delayed. They speculate that the XRP ETF could be pushed to Q4 2025.
Nevertheless, the overall sentiment remains hopeful. Polymarket’s forecast market shows that XRP ETFs are 90% likely to be approved in 2025.
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