XRP's price jumped to nearly $1.30 on Wednesday, extending a weeks-long rally that has pushed the token to levels not seen since early 2022. The surge follows a period of extreme bearish sentiment among traders, a pattern that historically signals a trend reversal.
Whale wallets tighten grip on supply
Data from Santiment shows that wallets holding at least 1 million XRP now control 74.1% of the total supply. Over the past six months, those large holders have accumulated an additional 1.53 billion coins. The concentration suggests that institutional and high-net-worth investors see long-term value despite recent market volatility.
Before the latest leg up, market sentiment had fallen to multi-month lows. That kind of despondency often precedes sharp recoveries, and this time was no different. The price moved from below $1.00 to nearly $1.30 in a matter of days.
Gate.io listing and Iran deal fuel momentum
Gate.io listed Ripple's stablecoin RLUSD and added an XRP/RLUSD trading pair, giving traders a new direct route to move between the token and the stablecoin. While the listing alone didn't cause the rally, it adds liquidity and signals exchange confidence in the ecosystem.
Broader geopolitical news also played a role. President Donald Trump announced a new deal between the US and Iran, expected to be signed by the end of the week. The prospect of reduced tensions helped revive risk appetite across crypto markets, and XRP — often sensitive to macro shifts — benefited.
Korea leads exchange inflows, ETFs see steady buys
Korea emerged as a winner in exchange deposits during the rally, with local platforms seeing a notable uptick in XRP inflows. Meanwhile, spot XRP ETFs recorded continuous net inflows, a sign that traditional investors are adding exposure rather than cashing out.
Ripple's expanding institutional payment network and tokenization initiatives on the XRP Ledger continue to underpin long-term confidence. The company has been pushing its On-Demand Liquidity service and working with central banks on CBDC pilots, giving the token a use case beyond speculation.
The next milestone to watch is whether XRP can hold above $1.30 and attract enough buy volume to break through resistance near $1.35. With whale wallets still accumulating and exchange supply tightening, the setup favors bulls — but crypto markets have a habit of reversing when conviction gets too loud.
