Ripple’s XRP extended its rally with a 25% surge on Monday, pushing its monthly gains beyond 430%. The remittance-focused token now ranks as the third-largest cryptocurrency, despite mixed bullish and bearish investor actions in recent days.
Weekly active addresses on the Ripple’s XRP Ledger surged nearly 200% in the past month, reaching 307,000—the highest level since August 2023. Additionally, non-empty XRP wallets have surpassed 5.5 million for the first time since the token’s launch. On Coinbase, a premium ranging from 3% to 13% during November suggests strong interest from U.S. traders, while Upbit, the largest XRP reserve holder, maintained a moderate premium.
Data from Santiment highlights heightened buying activity over the past three weeks, with whales holding 1M-10M XRP accumulating 679.1 million tokens, now valued at approximately $1.8 billion.
Meanwhile, WisdomTree filed an S-1 registration with the SEC for an XRP ETF, following earlier registration in Delaware. This move comes amid speculation about New York’s potential approval of Ripple’s stablecoin, which has fueled discussion on social media regarding its impact on XRP’s ongoing rally.
However, the market isn’t entirely bullish. Ripple’s XRP investors realized over $2.7 billion in profits after the weekend surge—the highest in eight years—indicating increased profit-taking. The Mean Coin Age metric, which tracks accumulation and distribution activity, shows consistent selling by both short-term and long-term investors.
Ripple’s release of 500 million XRP tokens worth over $1.35 billion as part of its escrow system could also dampen the bullish momentum if the supply hits the market soon. Despite this, XRP breached the $2.58 resistance, triggering liquidations of $91 million in the past 24 hours, including $38.67 million in longs and $52.47 million in shorts.
Should Ripple’s XRP hold above the $2.58 level, it may rally further to $3.57, completing the maximum profit target for a rounded bottom pattern validated last week at $1.96. The bullish trend is reinforced by XRP futures open interest reaching a record high of $4.24 billion, indicating strong market support.
However, the Relative Strength Index (RSI) has remained in the oversold zone for the past week, suggesting a potential correction due to overheated prices.