Investor Confidence Shines Through Whale Activity Amid Ripple’s Legal Battles and Market Fluctuations
Speculation and Market Reactions Follow Brad Garlinghouse’s Comments on XRP ETF
The recent comments made by Ripple CEO Brad Garlinghouse regarding a potential XRP ETF have sparked a wave of speculation and market reactions within the cryptocurrency world. Reports from Crypto News Flash have highlighted the significant movements of nearly 83 million XRP coins by prominent holders, known as whales, further fueling interest in this digital asset.
Whale movements have been closely tracked, with approximately 83 million XRP tokens being transferred between wallets and exchanges, according to on-chain data. These actions, combined with Garlinghouse’s positive outlook on the possibility of an XRP ETF in the near future, indicate both accumulation and liquidation strategies at play.
Market reactions have been particularly heightened due to the ongoing legal battle between Ripple and the US SEC. However, Garlinghouse remains upbeat, reiterating in a recent interview with Fox Business that XRP, along with other cryptocurrencies like Solana, are poised for ETF approval. These sentiments echo his earlier comments at the Consensys 2024 conference and are supported by analysts predicting the approval of Ethereum and Bitcoin ETFs by 2025.
Notably, renowned on-chain tracker Whale Alert has reported a significant transfer of 83 million XRP tokens, with a major holder sending 28.75 million coins to Bitstamp, while two other whales acquired 54.35 million tokens from Binance. This activity underscores the confidence that whales have in XRP, despite the uncertainties in the legal and market landscape.
Whales such as rfQ9EcLkU and rarG6FaeYh, who acquired XRP through Binance, have consistently made substantial purchases, indicating a strong belief in the long-term value of XRP. Currently trading at around $0.5263, XRP has seen a 1.43% increase in the last day, though data from CoinMarketCap shows a slight 0.29% decline over the past week.
In a related development, Crypto News Flash had previously reported on the movement of 80 million XRP tokens during Ripple’s escrow release, providing additional context to the recent whale activity surrounding this digital asset. For more information on Ripple (XRP), including guides on buying XRP and setting up an XRP wallet, as well as the latest news and price updates, be sure to check out our recommended resources.