XRP Price Surges as Whales Accumulate $2.2B Worth of Tokens

XRP's price has been on the rise over the past week, gaining nearly 4% in the last 24 hours to trade near $1.44.

This growth is attributed to the accumulation of tokens by large holders, known as 'whales', who have purchased around $2.2 billion worth of XRP in recent days.

The total holdings of this group now stand at approximately 9.81 billion XRP.

Additionally, CryptoQuant recorded a significant flow of XRP into Binance over the past month, with nearly 1.6 billion tokens entering the exchange since March.

XRP's price is also supported by development activity on the XRP Ledger, which is moving closer to its next network upgrade, known as Batch V1.1, after gaining support from 30 of 35 tracked validators.

This upgrade has significant potential applications for institutions, including delivery versus payment and exchange fee transactions.