XRP has experienced an extraordinary surge in recent weeks, with its price skyrocketing by 380% over the past 23 days. In just the last four days, the price jumped 75%, reaching a peak of $2.87 on December 2. This rapid ascent appears to be fueled by significant buying activity from large investors, commonly known as \u201cwhales.\u201d<\/p>\n
Ki Young Ju, CEO of on-chain analysis firm CryptoQuant, highlighted<\/a> that these whales are primarily operating through the US based exchange Coinbase. On December 2, he pointed out that \u201cCoinbase whales are driving this XRP rally,\u201d noting that Coinbase\u2019s minute-level price premium<\/a> ranged from 3% to 13% during the surge.<\/p>\n In contrast, Upbit\u2014a Korean exchange with more XRP investors than Binance\u2014showed no significant premium, suggesting the buying pressure is predominantly originating from the United States.<\/p>\n On his alternative X account (@kate_young_ju), Ki Young Ju hinted at possible insider activity influencing the market dynamics, stating, \u201cSomeone knew something.\u201d<\/p>\n Today, he cautioned<\/a> traders against shorting XRP. \u201cShorting XRP right now seems risky, imo. $25B XRP deposit before the pump might look like market manipulation but could simply be front-running. This insider whale might know something extremely bullish about XRP, such as spot ETF approval<\/a>,\u201d he speculated.<\/p>\n He further shared a chart \u201cXRP: Retail Activity Through Trading Frequency Surge (Spot & Futures), which indicates that retail trading activity for XRP has surpassed the highs of 2021 and is nearing levels last seen in January 2018, when XRP reached its all-time high of $3.92.<\/p>\n Observing the one-year cumulative volume delta (CVD) of taker buy\/sell volume, he remarked: \u201c1-year CVD of Taker Buy\/Sell Volume for XRP shows a historic rebound. Whales are aggressively using market orders, driving overwhelming demand.\u201d<\/p>\n From a technical analysis perspective, crypto analyst Jacob Canfield emphasizes the importance of examining the XRP\/BTC pairing. He notes<\/a> that XRP is currently at a critical resistance zone on the BTC pair chart (XRPBTC), having just reached the $2.75 level on the USDT pair\u2014a resistance point since December 2019.<\/p>\n Canfield suggests that a breakout here could signal a potential 240% move back to key resistance zones from 2017, 2018, and 2019. \u201cIf we get real FOMO, then we could be setting up for another 700% move to all-time high against Bitcoin,\u201d he commented, acknowledging the \u201ctwo of the strongest monthly candles for XRP that we\u2019ve seen in over 5 years.\u201d<\/p>\nA 700% Rallye Incoming For XRP Against BTC?<\/h2>\n