Ripple’s Legal Battles and Market Fluctuations Reflected in Whale Movements, Garlinghouse’s XRP ETF Comments Spark Speculation
The recent comments made by Ripple CEO Brad Garlinghouse regarding the potential for an XRP ETF have caused a stir in the cryptocurrency world. Reports from Crypto News Flash have shed light on the movement of nearly 83 million XRP coins by major holders, or whales, aligning with this surge in interest.
Amidst speculations in the market, on-chain data reveals that a significant amount of XRP tokens, totaling up to 83 million, have been transferred between wallets and exchanges. This, coupled with Garlinghouse’s positive statements about the likelihood of an XRP ETF in the near future, indicates both accumulation and liquidation activities taking place.
The market has responded sharply to these developments, particularly as Ripple faces legal challenges from the US SEC. Despite this, Garlinghouse remains confident in XRP’s future, reiterating in a recent interview with Fox Business that XRP, along with other cryptocurrencies like Solana, are poised for ETF approval. Analysts have also weighed in, predicting the approval of Ethereum and Bitcoin ETFs by 2025, further supporting this outlook.
Notably, Whale Alert, a prominent on-chain tracker, reported the movement of 83 million XRP tokens as news of Garlinghouse’s comments broke. A major holder transferred 28.75 million coins to Bitstamp, while two whales acquired 54.35 million tokens from Binance. This activity underscores the confidence that these whales have in XRP, despite the uncertain legal and market conditions.
Whales, such as rfQ9EcLkU and rarG6FaeYh, who acquired XRP from Binance, have consistently made significant purchases in the past. This steady accumulation indicates a strong belief in the long-term value of XRP.
Currently, XRP is trading at around $0.5263, experiencing a 1.43% increase in the last day. However, CoinMarketCap data shows a slight decline of 0.29% over the previous week. Earlier reports from CNF have also highlighted the movement of 80 million XRP tokens during Ripple’s escrow release, providing context to the recent whale activity.
For those interested in Ripple (XRP) investment, guides and tutorials are available, along with real-time price updates and the latest news in the XRP ecosystem.