Whale movement in the XRP market has surged, with a total of 218.06 million coins being transferred within a span of 24 hours. Ripple 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 as XRP continues to maintain its position above the $0.52 price mark. Data from on-chain sources reveals that over 218 million coins have been shifted in the past day.
The pattern of whales engaging in buy-and-dump transactions is evident from this increased activity, sparking speculation about a potential XRP bull run. Whale Alert, a transaction tracker, reported that a staggering 218.06 million coins were moved by whales, with a significant amount being withdrawn from Binance and deposited into various centralized exchanges.
Notably, a large portion of the coins, totaling 167.81 million XRP, were sent to exchanges like Bitstamp, Bitso, and Coinbase. These massive dumps have had a notable impact on the market dynamics.
The ongoing trend of XRP whales making consistent purchases from Binance indicates a growing confidence in the future prospects of the asset. Despite the market pressure, XRP has managed to weather the storm.
The surge in whale activity coincides with the increasing interest in an XRP ETF among major corporations, fueling speculation about the digital asset’s potential. While the futures open interest for XRP has been steadily rising to $666.79 million, the derivatives volume has experienced a slight decline to $657.42 million, leading to mixed opinions within the crypto community regarding XRP’s future.
According to CoinMarketCap, the current price of XRP stands at approximately $0.5253, showing a slight decrease of 1.03% in the past day but a positive gain of 1.15% over the previous week. Furthermore, Brad Garlinghouse’s affirmation of an inevitable XRP ETF launch by 2025 adds to the overall optimism surrounding XRP’s future.