Investor confidence in Ripple remains strong despite legal battles and market fluctuations, as evidenced by recent whale movements in the XRP market. Speculation and market reactions were sparked by comments made by Ripple CEO Brad Garlinghouse regarding the possibility of an XRP ETF.
Reports from Crypto News Flash revealed that nearly 83 million XRP coins were transferred between wallets and exchanges, indicating both accumulation and liquidation activities. This movement, coupled with Garlinghouse’s positive outlook on an ETF, has heightened interest in the cryptocurrency.
The market, already on edge due to the SEC case against Ripple, reacted sharply to the news. Garlinghouse’s statements on Fox Business reiterated his belief in the inevitability of XRP, Solana, and other cryptocurrency ETFs. An analyst also predicted the approval of Ethereum and Bitcoin ETFs by 2025, further supporting this sentiment.
Whale Alert, a prominent on-chain tracker, documented the transfer of 83 million XRP tokens at the time of Garlinghouse’s comments. Significant amounts were moved, with a major holder selling 28.75 million coins on Bitstamp, while two whales acquired 54.35 million tokens from Binance.
These transactions underscore the confidence of whales in XRP, despite the uncertainties in the legal and market landscape. Whales like rfQ9EcLkU and rarG6FaeYh, who have made significant purchases in the past, continue to demonstrate their long-term conviction in the cryptocurrency.
Currently trading at $0.5263, XRP has seen a 1.43% increase in the last day but a 0.29% decline over the past week, according to CoinMarketCap. Previous whale activities, including the movement of 80 million XRP tokens during Ripple’s escrow release, have set the stage for the recent market dynamics.
For those interested in Ripple (XRP), a guide on buying XRP, a tutorial on setting up a Ripple XRP wallet, and the latest XRP news are recommended resources to stay informed about the cryptocurrency’s developments.