Whale activity in the XRP market has surged, with a total of 218.06 million XRP being moved within a span of 24 hours. Ripple’s CEO, Garlinghouse, remains optimistic about the imminent launch of an XRP ETF by 2025.
The recent spike in whale activity has caught the attention of investors, especially as XRP has managed to maintain its position above the $0.52 price level. Data from on-chain sources has revealed that over 218 million XRP coins have been transferred in the past day.
The increase in whale activity, particularly in buy-and-dump transactions, has sparked speculation about a potential XRP boom. Whale Alert, an on-chain transaction tracker, reported that whales transferred a staggering 218.06 million coins within the last 24 hours. Notably, 50.25 million XRP were taken from Binance, while others unloaded significant amounts to various centralized exchanges.
A significant portion of the transferred XRP, amounting to 167.81 million coins, ended up on exchanges like Bitstamp, Bitso, and Coinbase. These dumps have had a noticeable impact on the market dynamics.
Despite the selling pressure from whales, there seems to be growing confidence in XRP’s future potential. Reports suggest that whales who acquired tokens from Binance are continuing to make bullish purchases, indicating a positive outlook for the asset. XRP has also been able to withstand market pressures reasonably well.
The surge in whale activity coincides with the rising interest in XRP ETFs among larger institutions, fueling further speculation. Open interest in XRP futures has been steadily increasing and currently stands at $666.79 million, while derivatives volume has dipped slightly.
Market data shows that XRP is currently priced at around $0.5253, down by 1.03% from the previous day but up by 1.15% over the last seven days. Additionally, Ripple’s CEO, Brad Garlinghouse, has expressed confidence in the inevitable launch of an XRP ETF by 2025.
For more information on Ripple (XRP), check out our guides on buying XRP, setting up a Ripple XRP wallet, and monitoring 24-hour XRP prices. Stay updated with the latest Ripple news and developments to stay ahead in the cryptocurrency market.