Why is XRP Price Up Today?

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XRP’s price has surged 26% this week, reaching $2.80, driven by a combination of powerful market catalysts. On-chain data reveals that whales now hold over 47 billion XRP, signaling strong institutional confidence. 

This accumulation, paired with a major short squeeze that liquidated millions in bearish bets, has intensified upward pressure. Additionally, growing speculation around a potential XRP spot ETF has fueled investor excitement, pushing the token closer to a breakout above $3.

What is Driving XRP Price Surge Today?

Whale Accumulation Reaches New Peaks

According to on-chain data from Santiment, the number of wallets holding over 1 million XRP has reached a record 2,743. These whales now control a combined 47.3 billion XRP. Santiment calls this trend a very positive sign for the fourth-largest crypto asset, reflecting deeper conviction among top-tier holders.

Short Squeeze Pushes Price Higher

As XRP pushed higher, nearly $31.4 million in short positions were liquidated in the last 24 hours alone. With bears getting squeezed out, momentum accelerated. The coin’s open interest now stands at $7.2 billion, its highest in six months and inching closer to the January peak of $8.3 billion. That’s more than double the $3 billion low seen in April, according to CoinGlass.

Altcoin Season Heats Up

This XRP breakout mirrors broader market excitement. Bitcoin recently smashed records, topping $116,500, while Ethereum gained 17.5 percent on the week, trading near $2,960. Santiment confirms the altcoin season is underway, with traders rotating profits from Bitcoin into major altcoins like XRP.

XRP has gained nearly 7% over the past 30 days, steadily building strength since mid-June. It now ranks as the second-best performer this week after Ether. Recently, XRP surpassed a $170 billion market cap. Analysts believe that if XRP clears the $2.90 barrier, a move to $3 is likely. Despite its rally, XRP still trades 18% below its 2018 all-time high, which it nearly reclaimed in January.

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Short and Long-Term Outlook

In the near term, if momentum continues and XRP holds above $2.60–$2.65, analysts see $3 as an achievable target by August. Long term, a successful XRP ETF approval combined with sustained whale activity could push the token to $3.50–$4 by Q4 2025. With RSI near 66, technicals still leave room for upside.

ETF Buzz Adds Fuel

The SEC has fast-tracked ETF reviews, cutting wait times to just 75 days. Futures-based XRP ETFs are expected between July 14 and 25, but the real catalyst would be a spot ETF approval. If that happens, it could change everything for XRP’s future.