Whale Activity and Brad Garlinghouse’s Comments Drive Investor Sentiment Amid Ripple’s Legal Battles and Market Volatility
The recent comments made by Ripple CEO Brad Garlinghouse regarding the potential for an XRP ETF have sparked speculation and market reactions within the cryptocurrency community. Reports from Crypto News Flash have shed light on the movement of nearly 83 million XRP coins by prominent holders, or whales, coinciding with this surge in interest.
The transfer of up to 83 million XRP tokens between wallets and exchanges, as indicated by on-chain data, coupled with Garlinghouse’s positive statements about the likelihood of an ETF in the near future, serve as clear signs of both accumulation and liquidation activities.
Market reactions have been heightened, particularly given the ongoing legal battle between Ripple and the US SEC. Garlinghouse reiterated his bullish stance on XRP, Solana, and other cryptocurrency ETFs in a recent interview with Fox Business, echoing sentiments expressed at the Consensys 2024 conference. Furthermore, an analyst forecasting the approval of Ethereum (ETH) and Bitcoin (BTC) ETFs by 2025 lends further support to this narrative.
According to Whale Alert, a reputable on-chain tracker, 83 million XRP tokens were shifted at the time of this news release. Notably, a major holder unloaded 28.75 million coins to Bitstamp, while two whales acquired 54.35 million tokens from Binance. This activity underscores the confidence of these whales in XRP despite the prevailing legal and market uncertainties.
The whales identified as rfQ9EcLkU and rarG6FaeYh, who acquired XRP via Binance, have a history of making significant purchases, indicating a strong belief in the long-term value of XRP. Currently, XRP is trading at approximately $0.5263, reflecting a 1.43% increase in the past day, although CoinMarketCap data shows a 0.29% decline over the previous week.
CNF has previously outlined the context behind the recent whale movements by highlighting the transfer of 80 million XRP tokens during Ripple’s escrow release. For those interested in XRP, resources such as a Buy Ripple (XRP) Guide, Ripple XRP Wallet Tutorial, and 24-hour XRP Price Check are available to provide further insights into this digital asset.