XRP Price Jumps 26% on Whale Accumulation & Short Squeeze

On-chain data reveals a significant driver behind XRP's current rally: an unprecedented level of accumulation by "whales." The number of wallets holding over 1 million XRP has reportedly reached a record 2,743, collectively controlling an astounding 47.3 billion XRP. Analysts view this deep conviction among top-tier holders as a highly positive signal, indicating strong institutional confidence in the asset.

Further intensifying the upward pressure is a considerable short squeeze. Nearly $31.4 million in XRP short positions were liquidated in the last 24 hours alone, forcing bearish traders to cover their bets and adding fuel to the rally. This has pushed the coin's open interest to a six-month high of $7.2 billion, nearing its January peak and more than doubling the low observed in April.

Broader Market Tailwinds and ETF Speculation

XRP's current breakout is also occurring amidst a broader resurgence in the cryptocurrency market, signaling a potential "altcoin season." Bitcoin recently set new records, topping $116,500, while Ethereum saw a healthy 17.5% gain for the week, trading near $2,960. Traders are increasingly rotating profits from Bitcoin into major altcoins, benefiting XRP.

Adding to the excitement is the mounting speculation surrounding a potential XRP spot ETF. While the market recently touched $2.97 before a slight rejection, indicating a potential retest of lower support levels, the overall sentiment remains optimistic. With sustained whale interest, bullish technical signals, and the ongoing anticipation of institutional products, XRP appears well-positioned to continue its upward trajectory, potentially aiming for a decisive breakout above $3 in the near future.