Whale movements showcase investor confidence amidst Ripple’s legal battles and market fluctuations, with Brad Garlinghouse’s comments on an XRP ETF sparking speculation and market responses.
The cryptocurrency community is buzzing following Ripple CEO Brad Garlinghouse’s recent discussion about a potential XRP ETF, as reported by Crypto News Flash. The transfer of nearly 83 million XRP coins by significant holders, known as whales, aligns with this surge in interest.
Whale Activity Amidst Market Speculation
According to on-chain data, around 83 million XRP tokens were transferred between wallets and exchanges. Coupled with Garlinghouse’s positive statements regarding a forthcoming ETF, these movements indicate both accumulation and liquidation strategies.
Market reactions have been heightened, particularly due to the ongoing legal battle between Ripple and the US SEC.
In a recent interview with Fox Business, Garlinghouse reiterated his belief that XRP, along with Solana and other cryptocurrency ETFs, are inevitable, echoing sentiments expressed at the Consensys 2024 conference. Additionally, an analyst forecasting the approval of Ethereum (ETH) and Bitcoin (BTC) ETFs by 2025 further supports this outlook.
Renowned on-chain tracker Whale Alert disclosed that 83 million XRP tokens were transferred as news of Garlinghouse’s comments circulated. Notably, a major holder sold 28.75 million coins to Bitstamp, while two whales acquired 54.35 million tokens from Binance.
This activity underscores the whales’ confidence in XRP despite the legal and market uncertainties.
Whales’ Trust in XRP
Whales rfQ9EcLkU and rarG6FaeYh, who acquired XRP through Binance, have previously made similar substantial purchases. Their consistent accumulation suggests a strong belief in XRP’s long-term value.
Currently, XRP is trading at approximately $0.5263, marking a 1.43% increase in the past day, although CoinMarketCap data indicates a 0.29% decline over the previous week.
Moreover, CNF previously highlighted the movement of 80 million XRP tokens during Ripple’s escrow release, shedding light on the recent whale activity.
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