Although the crypto market has been trading flat in the last month, there has been a massive surge in activity on the XRP network. According to recent on-chain data, the number of XRP whales who possess more than 1 million tokens has hit the highest mark in over 12 years.
In another thrilling report, Canada-based digital asset management firm 3iQ has debuted the first XRP-based exchange-traded funds (ETFs) on the Toronto Stock Exchange. With the rise in bullish sentiments, analysts have shared positive XRP price predictions.
XRP Whales Surge To Record High As Network Sees Massive Growth
Santiment, the leading on-chain analytics provider, has announced in an X post that the XRP ledger is recording massive network expansion, with a rise in the number of new users.
The on-chain analytics firm reported that the number of active XRP addresses exceeded 295,000 per day on average during the last week. In the last three months, XRPL recorded between 35,000 and 40,000 daily active users, making the recent record more remarkable.
In addition, Santiment reported a new record of the total number of whale and shark wallets containing at least 1 million XRP. According to Santiment, nearly 2,700 whales now hold at least 1 million XRP coins, the highest figure in the 12-year history of the altcoin.
3iQ Has Launched An XRP ETF on Toronto Stock Exchange
On Wednesday, one of the first exchange-traded funds (ETFs) tracking the XRP from the Canadian digital asset management firm 3iQ was listed on the Toronto Stock Exchange. The new ETF will be called XRPQ and XRPQ.U and will track long-term storage of XRP.
XRPQ will not charge any management fees in the first statutory six months, in which all assets will be kept in cold storage. Canadian investors and qualified participants around the globe can now invest in the ETF. Canadian investors and qualified participants around the globe can now invest in the ETF.
Ripple is noted among the early investors in the fund. This is an important move, as experts expect United States regulators to approve the first XRP ETF soon.
XRP Fail To React To the News, Analysts Share Price Predictions
Despite the positive reports about its massive network expansion, the price of XRP has continued to trade flat. In May, XRP lost the $2.50 support level and has traded beneath it since. The XRP price currently stands at $2.13, ranging between $2.1 and $2.4 on the monthly timeframe.
The popular crypto figure AltcoinGordon has commented on this, saying a monster wedge is forming on the daily XRP price chart. AltcoinGordon predicts that the price of XRP will fly after it breakout from this downtrend.
EGRAG CRYPTO believes the price of XRP could skyrocket to $27 in 2025. Using an RGB ARCHS chart, the analyst explained that it took XRP 6 candles in 2017 to get to its final leg. Currently, the analyst explains that XRP has consolidated over seven candles, with room for an extra candle.
After the eighth consolidation candle, EGRAG CRYPTO predicts an explosion that could take XRP as high as $27. While these are predictions, the growing network activity and whale purchases are signs that a big move could be on the way for XRP.
