XRP Price Explodes For 44.7% Gain: Why Is XRP Going Up Again?

XRP XRP/USD is continuing its parabolic uptrend amid fresh ETF applications and heightened whale activity.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
XRP XRP/USD	$2.74	$156.3 Billion	+44.7%	+93%
Bitcoin BTC/USD	$97,276.76	$1.93 Trillion	+0.04%	+1.5%
Ethereum ETH/USD	$3,679.74	$442.9 Billion	-1.4%	+4.4%

Trader Notes: Influential investor Raoul Pal said on X that XRP has a “great-looking” chart, noting that a long wedge pattern similar to the current one previously led to a 5,600% rally.

He dubbed the current stage “Banana Zone Part 1:”

You've got to admit, $XRP is a good looking chart. Last time it broke a long wedge pattern it rose another 5,600%! (obvs wont repeat but you get the point – i can go up a lot) Banana Zone Part 1 pic.twitter.com/MTs6fdJrT3

— Raoul Pal (@RaoulGMI) December 2, 2024

Trader CrediBULL Crypto highlighted XRP's “historic” breakout, erasing 84 months of sideways movement in a single monthly candle.

Jacob Canfield predicts another 240% move back to resistance zones from 2017–2019, with potential for a 700% surge to all-time highs against Bitcoin.

Statistics: CryptoQuant CEO Ki Young Ju noted Coinbase's minute-level price premiums ranging from 3% to 13% during the surge, indicating strong interest from U.S.-based investors.

Korean exchange Upbit, which boasts more XRP investors than Binance, hasn't shown a premium yet.

Analytics firm Santiment reports wallets holding 1–10 million XRP have added 679.1 million tokens (worth $1.66 billion) in just three weeks.

Total non-empty XRP wallets have eclipsed 5.5 million for the first time in the coin’s more than eight year history. Whale activity is at an all-time high.

Community News: WisdomTree filed to launch an XRP spot-exchange-traded fund, making it the fourth company in U.S. to submit a submit a Form S-1 filing with the Securities and Exchange Commission.

The proposed fund seeks to offer exposure to XRP's price through shares listed on the CBOE BZX Exchange.

The ETF plans to utilize a cash-create method initially, with in-kind creation/redemption requiring further regulatory approval.In the past, crypto asset manager Bitwise, Canary Capital and 21Shares.

Read Next: 

• Here’s How Much $100 Invested In XRP Token Today Will Be Worth If Crypto Returns To All-Time Highs

Image: Shutterstock