Whale activity has surged, with a total of 218.06 million XRP being moved within a span of 24 hours. Ripple’s CEO, Garlinghouse, is optimistic about the imminent launch of an XRP ETF by 2025.
The recent spike in whale activity has garnered significant attention from investors, especially as XRP has maintained a price level above $0.52. Data from on-chain sources reveals that over 218 million coins have been transferred in the past day.
The trend of whales engaging in buy-and-dump transactions is evident from this increased activity, sparking discussions about a potential XRP boom. Whale Alert, an on-chain transaction tracker, reported that whales moved a staggering 218.06 million coins in the last 24 hours. Notably, 50.25 million XRP were taken from Binance, while others transferred substantial amounts to various centralized exchanges.
A significant portion of these transfers, totaling 167.81 million XRP, were sent to Bitstamp, Bitso, and Coinbase exchanges. These dumps have significantly impacted the market dynamics from the previous day.
The ongoing purchases of XRP by whales who initially acquired tokens from Binance indicate growing confidence in the asset’s future prospects. Despite market supply pressure, XRP has managed to withstand the challenges.
The surge in whale activity coincides with the increasing interest in XRP ETFs among major institutions, fueling speculation about the cryptocurrency’s potential. While the futures open interest for XRP has been steadily rising to $666.79 million, the derivatives volume has experienced a 19.76% decline to $657.42 million, leading to varying opinions within the cryptocurrency community.
Current CoinMarketCap data shows that XRP is trading at around $0.5253, marking a 1.03% decrease from the previous day but a 1.15% increase over the past week. Additionally, Ripple CEO Brad Garlinghouse’s expressed confidence in the inevitability of an XRP ETF being introduced by 2025.
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