Whale activity in the XRP market has surged, with a total of 218.06 million coins moved within a span of 24 hours. Ripple’s CEO, Garlinghouse, is optimistic about the launch of an XRP ETF by 2025.
The recent spike in whale activity has caught the attention of investors, especially as XRP continues to maintain its price above $0.52. Data from on-chain transactions reveals that over 218 million coins have been transferred in the past day.
The noticeable trend of whales engaging in buy-and-dump transactions has fueled speculation of a potential XRP boom. Whale Alert, a transaction tracker, reported that whales moved a staggering 218.06 million coins, with a significant amount taken from Binance and distributed to various centralized exchanges.
A substantial portion of the coins, totaling 167.81 million XRP, was offloaded to Bitstamp, Bitso, and Coinbase exchanges, causing a decline in XRP’s momentum from the previous day. Despite this, reports suggest that XRP whales are continuing to accumulate tokens, signaling confidence in the asset’s future growth.
The surge in whale activity coincides with the growing interest in an XRP ETF among major businesses, leading to heightened speculation in the market. While futures open interest for XRP has been steadily increasing, reaching $666.79 million, derivatives volume has seen a slight decline to $657.42 million, sparking diverse opinions within the cryptocurrency community about XRP’s future prospects.
At the time of writing, XRP is priced at around $0.5253, showing a slight decrease of 1.03% in the previous day but a positive trend over the past week with a 1.15% increase. In a previous report, Ripple CEO Brad Garlinghouse expressed his confidence in the inevitability of an XRP ETF launch by 2025.
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