Recent on-chain data from CryptoQuant shows a major rise in activity from XRP whale addresses. The metric, which tracks wallets that moved large amounts of XRP within the past 24 hours, has climbed rapidly since late 2023. This is the highest level recorded since 2015.
The price of XRP remains more or less steady in this period, notwithstanding the spike in whale transactions. Similar patterns in the past, where accumulation increased during a sideways price movement, have often been followed by powerful upward moves. Mikybull Crypto commented:
Wow! The most aggressive $XRP accumulation is going on right now
This is massively bullish https://t.co/jnfS6EWJbt pic.twitter.com/47ojxRmdhh
— Mikybull
Crypto (@MikybullCrypto) September 28, 2025
Familiar XRP Price Pattern Forms Again
Charts shared by Mikybull Crypto show XRP forming a descending channel. The previous one appeared in mid-2024, before XRP rose from below $0.6 to nearly $3.6.
The cryptocurrency was trading around $2.77 at press time. The same setup led to a major price increase earlier this year. The pattern looks nearly identical, and traders are watching for signs of a breakout from the current range.
The chart also shows the phrase “XRP is dead” placed near past lows, calling attention to bearish market sentiment that appeared just before price surges.
Bull Flag Setup Shows Possible Breakout
Another daily chart, shared by Bitcoinsensus, outlines a bull flag setup. This is where price moves up sharply, then consolidates in a downward-sloping channel. In the current chart, XRP has bounced off the same support zone multiple times, while being rejected at the same resistance level.
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Source: Bitcoinsensus/X
Meanwhile, the formation remains consistent, and a break above the trendline could open the door to higher prices. Bitcoinsensus suggests that if the pattern plays out, XRP could cross the $4 mark for the first time. A similar structure played out earlier this year, followed by a steep rise.
XRP ETF Decisions Near Key Deadlines
XRP is also facing a wave of decisions around exchange-traded fund (ETF) filings. The SEC is scheduled to respond to six XRP ETF proposals between October 18 and November 14, 2025. These include applications from firms such as Grayscale, 21Shares, Bitwise, Canary Capital, WisdomTree, and Franklin Templeton.
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Upcoming Decision Deadlines for XRP ETF Applications
The first ETF to launch this year, REX-Osprey’s XRPR, began trading on September 18. With multiple deadlines approaching, XRP is entering a critical regulatory window that could bring more market attention.
Crypto lawyer Bill Morgan raised questions about risk warnings in ETF documents. Referencing the Cyber Hornet S&P500/XRP ETF, he noted:
“One of the risks mentioned is manipulation by XRP whales.” He added, “If an institutional applicant for an ETF acknowledges the risk of whale manipulation, then it should be considered a real risk.”
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