Coinbase Whales Propel XRP to New Heights

On December 3, XRP reached a multi-year high of $2.909, marking a 478.4% increase over the month. The ATH stands at $3.3.

At the time of writing, the asset shows near-zero daily growth. The price is $2.622. The cryptocurrency has secured the third position by market capitalization ($149.6 billion).

CEO of CryptoQuant, Ki Young Ju, identified high whale activity on Coinbase. This is indicated by a premium in quotes relative to Binance (ranging from 3% to 13% on the minute chart).

Coinbase whales are driving this $XRP rally.

Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13% during the surge.

Meanwhile, Upbit—a Korean exchange with more XRP investors than Binance—has shown no significant premium so far. pic.twitter.com/ENESB2Zrkv

— Ki Young Ju (@ki_young_ju) December 2, 2024

FRNT Financial explained the XRP rally as being driven by anticipation of Donald Trump’s inauguration and related regulatory changes in the industry.

In addition to the expected leadership change at the SEC and the potential end of the lawsuit against Ripple, optimism was bolstered by the candidate for the “crypto czar” position, Christopher Giancarlo. He suggested that the agency might eventually withdraw the lawsuit.

“According to asset supporters, in a ‘legal peace’ scenario, XRP will become more accessible to institutions using the token as an ‘intermediary asset’ for currency exchange,” noted FRNT Financial.

On November 29, sources from FOX Business reported that the NYDFS is preparing to register Ripple’s stablecoin RLUSD. The potential launch of the “stablecoin” could occur on December 4.

“It is difficult to predict how long the rally will last. If the community can leverage RLUSD to develop the XRP Ledger ecosystem and create value, it is possible,” commented Presto analyst Peter Chang.

Market participants are also hopeful for the expansion of crypto-ETFs to include XRP-related products. On November 1, 21Shares submitted a corresponding application to the Commission. WisdomTree will compete. Previously, proposals from Canary Capital and Bitwise were included in this list.

From November 24 to 30, investors poured a record $95 million into XRP funds.