XRP News: Whales Scoop Up $464M After $700M Buying Spree

Data from crypto analytics platform Santiment shows that XRP whales have spent $464 million purchasing the cryptocurrency this week. This is the second biggest XRP accumulation this month after a $700M purchase in early March.

Meanwhile, despite these purchases, XRP’s price has remained steady, with analysts citing pending regulatory decisions as a potential driver of future price action.

The market sentiment is still being influenced by the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). However, some investors say the SEC pulling its appeal against Ripple may give room for price growth.

Osama Bari, Chief Technology Officer at D24 Fintech Group, stated that XRP’s price could climb back to previous highs or surpass them if the SEC decides to withdraw its appeal against Ripple and an XRP ETF gains approval.

Meanwhile, the SEC is reviewing five XRP exchange-traded fund (ETF) applications. The regulator has until mid-October to make a decision on these filings. Analysts from JPMorgan estimate that XRP ETFs could attract up to $8 billion in investor inflows within a year if approved.

South Korea’s Kimchi Premium and XRP Price Movements

XRP is currently trading at a premium in South Korea, a phenomenon known as the “Kimchi Premium.” This price difference suggests increased demand among South Korean investors.

As recently reported by Coinfomania, Crypto YouTuber Zach Rector highlighted an explosive prediction from XForceGlobal, a South Korean Elliott Wave-certified analyst. According to the analyst, XRP is following a five-wave Elliott pattern, which could push its price to a range between $20 and $40.

This is not the first time XForceGlobal has made such a projection. In January, the analyst suggested similar price targets based on historical patterns. With XRP trading at a premium in South Korea, some traders believe the market could support further price increases.

XRP’s Price Action and Market Trends

XRP’s price remains under bearish pressure despite its 370% gain since the U.S. Presidential Elections. The cryptocurrency recently dropped below the $2.19 level and fell to $1.90 before rebounding to test the $2.45 resistance level.

Last weekend, XRP had gone as far as to be rejected at $2.45, maintaining the bearish tone. Polymarket data indicates that XRP is less likely to reach a new all time high in the first half of the year and the market participants remain cautious.

However, expectations for a long-term price surge remain. On Monday, Polymarket bettors assigned a 42% chance of XRP hitting an all-time high in 2025, up from 24% on Sunday. The coming months will be crucial as investors watch for regulatory decisions and potential ETF approvals.

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