Whale movements signal investor confidence amidst Ripple’s legal battles and market fluctuations, with Brad Garlinghouse’s comments on an XRP ETF sparking speculation and market responses.
The cryptocurrency community is feeling positive following Ripple CEO Brad Garlinghouse’s recent discussion about a potential XRP ETF, as reported by Crypto News Flash. Investors are buzzing about the significant transfer of nearly 83 million XRP coins by large holders, known as whales, coinciding with this surge in interest.
Whale Activity Amid Market Speculations
According to on-chain data, approximately 83 million XRP tokens were transferred between wallets and exchanges. Alongside Garlinghouse’s optimistic statements regarding a potential ETF, these transactions indicate both accumulation and liquidation activities.
Market reactions have been heightened, particularly due to the ongoing legal battle between Ripple and the US SEC.
During a recent interview with Fox Business, Garlinghouse reiterated his belief that XRP, along with Solana and other cryptocurrencies, will have ETFs in the near future, echoing his comments at the Consensys 2024 conference. Furthermore, an analyst predicting the approval of Ethereum (ETH) and Bitcoin (BTC) ETFs in 2025 supports this perspective.
Notably, renowned on-chain tracker Whale Alert reported the movement of 83 million XRP tokens at the time of this news release. Specifically, a major holder transferred 28.75 million coins to Bitstamp, while two whales acquired 54.35 million tokens from Binance.
This activity underscores the whales’ confidence in XRP despite the uncertainties in the legal and market landscape.
Whales’ Confidence in XRP
Whales rfQ9EcLkU and rarG6FaeYh, who acquired XRP through Binance, have previously made significant purchases, indicating a strong belief in XRP’s long-term value.
Currently, XRP is trading at around $0.5263, showing a 1.43% increase in the last day, while CoinMarketCap data reveals a 0.29% decline over the past week.
In a previous report, CNF highlighted the movement of 80 million XRP tokens during Ripple’s escrow release, providing context to the recent whale activity.
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