A surge in whale activity has resulted in the movement of 218.06 million XRP in just one day. Ripple’s CEO, Brad 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 with XRP maintaining its value above $0.52. Data from the market reveals that over 218 million coins have been transferred within the last 24 hours.
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 moved a staggering amount of 218.06 million coins in the past day. Notably, 50.25 million XRP were withdrawn from Binance, with significant amounts being sent to various centralized exchanges.
The data shows that exchanges like Bitstamp, Bitso, and Coinbase received 167.81 million XRP from these whales, leading to a significant drop in prices from the previous day.
Furthermore, reports suggest that whales who initially purchased XRP from Binance continue to invest in the asset, indicating a growing belief in its future growth potential amidst market pressures.
The rise in whale activity coincides with the increasing interest in XRP ETFs among major corporations, fueling speculation about the cryptocurrency’s future. Despite conflicting opinions within the cryptocurrency community, XRP’s futures open interest has been steadily increasing to $666.79 million, while derivatives volume has seen a slight decrease.
As of the latest data from CoinMarketCap, XRP is currently trading at around $0.5253, showing a slight decline of 1.03% in the past day but a positive increase of 1.15% over the last seven days.
In a previous statement, Ripple CEO Brad Garlinghouse expressed confidence in the imminent launch of an XRP ETF, stating that it is inevitable by 2025. For more information on Ripple (XRP), check out our guide on buying XRP, XRP wallet tutorials, and the latest XRP news.