Whale Movements Indicate Confidence Amid Ripple’s Legal Battles and Market Fluctuations
Speculation and Market Reactions Surround Brad Garlinghouse’s XRP ETF Comments
Following recent reports from Crypto News Flash, the cryptocurrency community is buzzing with excitement after Ripple CEO Brad Garlinghouse hinted at the possibility of an XRP ETF. This news has sparked speculation and market reactions, especially in light of the significant movements of nearly 83 million XRP coins by large holders, known as whales.
Whale Activity Amid Market Speculation
According to on-chain statistics, a total of 83 million XRP tokens were transferred between wallets and exchanges. This movement, coupled with Garlinghouse’s positive comments about a potential XRP ETF, suggests a combination of accumulation and liquidation strategies among investors.
Market sentiment has been heightened by these developments, particularly given the ongoing legal battle between Ripple and the US SEC. Despite this uncertainty, Garlinghouse remains optimistic about the future of XRP, Solana, and other cryptocurrency ETFs, as indicated in a recent Fox Business interview and Consensys 2024 conference remarks. Additionally, an analyst predicting the approval of Ethereum (ETH) and Bitcoin (BTC) ETFs in 2025 further supports this outlook.
Whales’ Confidence in XRP
Notably, two whales identified as rfQ9EcLkU and rarG6FaeYh, who acquired XRP through Binance, have consistently made significant purchases, reflecting their strong belief in XRP’s long-term value. This confidence is evident in their recent transactions, with one whale selling 28.75 million coins to Bitstamp and two others acquiring 54.35 million tokens from Binance.
Despite the legal and market uncertainties surrounding Ripple, these whale activities underscore the confidence in XRP’s potential growth and stability.
At present, XRP is trading at approximately $0.5263, marking a 1.43% increase in the last day. However, CoinMarketCap data indicates a slight decline of 0.29% over the previous week.
In a related development, Crypto News Flash previously highlighted the movement of 80 million XRP tokens during Ripple’s escrow release, providing additional context to the recent whale activity.
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