Whale Movements and Brad Garlinghouse’s Comments Influence XRP Market Amid Legal Battles and Speculation
Amidst Ripple’s legal battles and market fluctuations, the recent movements of whales in the XRP market have drawn attention from investors. Reports from Crypto News Flash have highlighted the significant transfer of nearly 83 million XRP coins by large holders, signaling a surge in investor confidence.
The recent comments made by Ripple CEO Brad Garlinghouse regarding the possibility of an XRP ETF have sparked speculation and market reactions. According to on-chain statistics, a substantial amount of XRP currencies, totaling 83 million, have been transferred between wallets and exchanges. This movement, coupled with Garlinghouse’s positive outlook on the potential ETF, indicates both accumulation and liquidation activities taking place.
With the ongoing case against Ripple by the US SEC adding to market sensitivity, Garlinghouse’s recent statements on Fox Business have further fueled anticipation for an XRP ETF. He has reiterated his belief in the approval of XRP, Solana, and other cryptocurrency ETFs, echoing sentiments expressed at the Consensys 2024 conference. Additionally, an analyst predicting the approval of Ethereum (ETH) and Bitcoin (BTC) ETFs in 2025 has added credibility to this forecast.
Whale Alert, a prominent on-chain tracker, has reported the transfer of 83 million XRP tokens during this period of heightened activity. Notably, a major holder has sold 28.75 million coins to Bitstamp, while two other whales have acquired 54.35 million tokens from Binance, underscoring their confidence in XRP despite the prevailing legal and market uncertainties.
The whales known as rfQ9EcLkU and rarG6FaeYh, who have acquired XRP through Binance, have consistently made substantial purchases, indicating a strong belief in the long-term value of XRP. Presently, XRP is trading at around $0.5263, reflecting a 1.43% increase in the last day, while CoinMarketCap data shows a 0.29% decline over the previous week.
Furthermore, Crypto News Flash has previously highlighted the movement of 80 million XRP tokens during Ripple’s escrow release, providing context to the recent whale activity. For more information on Ripple (XRP) and related news, visit the recommended links for a comprehensive guide on buying XRP, setting up an XRP wallet, checking the latest XRP price, and staying updated on Ripple news.