Whale activity in the XRP market has surged, with a whopping 218.06 million coins being moved within a span of 24 hours. Ripple’s CEO, Garlinghouse, is optimistic about the launch of an XRP ETF by 2025.
The recent spike in whale activity has caught the attention of investors, especially with XRP maintaining its position above the $0.52 mark. Data from on-chain transactions reveals that over 218 million XRP coins have been shifted in the past day.
The increased activity among whales, characterized by buy-and-dump transactions, has sparked speculation about a potential XRP surge. Whale Alert, a tracker for on-chain transactions, reported that whales transferred a staggering amount of coins, including 50.25 million XRP from Binance alone.
Notably, a significant portion of these coins were offloaded to exchanges like Bitstamp, Bitso, and Coinbase, causing a dip in XRP’s value compared to the previous day. Despite this, there seems to be growing confidence in the future growth of XRP, as evidenced by continued purchases by whales.
The surge in whale activity coincides with the growing interest in XRP ETFs among large businesses, leading to heightened speculation in the market. While futures open interest for XRP has been steadily increasing, reaching $666.79 million, derivative volume has seen a slight decline to $657.42 million.
The current price of XRP stands at around $0.5253, showing a slight decrease of 1.03% from the previous day but a positive trend over the past week with a 1.15% rise. Additionally, Ripple CEO Brad Garlinghouse’s confident declaration about the inevitability of an XRP ETF by 2025 has further fueled optimism in the XRP community.
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