XRP Spikes 5% As Whales Scoop Up $740 Million Worth Of Crypto: Open Interest, Trading Volume Also Jump

XRP (CRYPTO: XRP) gained momentum on Wednesday amid a broader cryptocurrency market rally.

XRP Wipes Away Losses

The third-largest cryptocurrency by market capitalization popped over 5% in the last 24 hours, while its trading volume jumped 36.65% to $6.63 billion.

The latest spike erased recent downsides, sending XRP 2.53% higher over the course of a week.

Meanwhile, XRP's open interest spiked 6.73% to $7.93 billion in the last 24 hours, according to Coinglass. More than three in four Binance traders with open XRP positions were long as of this writing.

See Also: Ripple (XRP) Price Prediction: 2025, 2026, 2030

Bullish Impact From Whales?

Large investors amped up their accumulation game. Widely followed cryptocurrency analyst Ali Martinez highlighted that whales bought 250 million XRPs, worth $742.50 million, over the last 48 hours.

Price Action: At the time of writing, XRP was exchanging hands at $2.97, up 5.50% in the last 24 hours, according to data from Benzinga Pro.

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