XRP jumps to $2.21 as whale transfers and 100% volume spike fuel rally

By: cryptosheadlines|2025/05/08 20:00:06

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Two large whale transfers totalling 370 million XRP spark market interest.XRP would need to hit a $500 billion market cap to qualify by 2026.Proposal suggests XRP-backed US bonds could bring new utility.XRP has seen a dramatic upswing, jumping to $2.21 as daily trading volume surged over 100% to $4.69 billion.This rally, driven by heightened whale activity and growing legal momentum, positions XRP as a potential contender for state-level digital asset reserves.Source: CoinMarketCapNotably, a legislative proposal in New Hampshire—HB 302—could see XRP added to the state’s official digital reserve if its market cap reaches $500 billion by 2026.With renewed investor interest and speculation around institutional adoption, XRP’s bullish trajectory is being closely monitored by traders, analysts, and policymakers.The token is also drawing attention from legal and financial commentators as discussions continue around integrating digital assets with government financial infrastructure.As technical indicators point upward and new use cases emerge, XRP appears to be aligning itself with the next phase of mainstream cryptocurrency adoption.Large wallet transfers and state-level recognition could significantly accelerate XRP’s path to higher valuations.Whale moves spark speculationTwo substantial XRP transfers—one involving 70 million tokens and another 300 million—were recently made to unidentified wallets, fueling speculation that institutional investors or long-term holders may be positioning for potential price appreciation.On-chain data shows that XRP whales have become more active since May began.The increase in large transfers coincides with a rise in daily trading volume, which spiked over 100% to reach $4.69 billion.This wave of buying pressure has helped XRP break through key technical levels and maintain upward momentum.Reserve bill fuels long-term optimismNew Hampshire’s HB 302 Bill proposes creating a state-managed digital asset reserve.Under the current draft, only cryptocurrencies with a market capitalisation of at least $500 billion can be added to the reserve by 2026.Bitcoin meets the threshold today, but analysts believe XRP could also qualify if it sustains its market growth.Currently, XRP holds a market cap of about $125 billion.Legal analysts, including Fred Rispoli, suggest XRP could meet the requirement in the next two years if current momentum continues.If that happens, XRP would gain legitimacy as a strategic digital asset for state-level financial planning.Price targets up to $8.50Technical analysts remain bullish on XRP’s near and mid-term price action.Crypto analyst Dark Defender has identified $3 as a short-term target, with medium-term levels at $4.40 and $6.30.The optimism is underpinned by higher lows forming on the hourly chart, a MACD bullish crossover, and an RSI reading of 64.60.XRP is also trading above key Exponential Moving Averages, which typically indicate sustained strength in an uptrend.Share this articleCategoriesTagsSource link

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