Whale movements in the cryptocurrency market shed light on investor confidence amidst Ripple’s legal battles and market fluctuations. Speculation and reactions were sparked by Brad Garlinghouse’s comments on the possibility of an XRP ETF, as reported by Crypto News Flash.
A significant 83 million XRP coins were transferred between wallets and exchanges, indicating both accumulation and liquidation activities. This movement, coupled with Garlinghouse’s optimistic statements, has heightened market speculation, especially given the ongoing legal battle with the US SEC.
Garlinghouse, in a recent interview with Fox Business, reiterated his belief in the approval of XRP, Solana, and other cryptocurrency ETFs, echoing sentiments shared at the Consensys 2024 conference. Analysts are also predicting the approval of Ethereum (ETH) and Bitcoin (BTC) ETFs by 2025, further fueling market optimism.
According to Whale Alert, a well-known on-chain tracker, a major holder offloaded 28.75 million XRP coins to Bitstamp, while two whales acquired 54.35 million tokens from Binance. This activity underscores the confidence of whales in XRP despite the uncertainty surrounding legal proceedings and market conditions.
Whales with the identifiers rfQ9EcLkU and rarG6FaeYh, who acquired XRP from Binance, have consistently made significant purchases, indicating a strong belief in the long-term value of XRP. Currently, XRP is trading at approximately $0.5263, showing a 1.43% increase in the last day, with a slight decline of 0.29% over the past week according to CoinMarketCap data.
Previous reports from CNF 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), including buying guides, wallet tutorials, and price checks, visit CNF for the latest news and updates on the cryptocurrency.