Whale activity in the XRP market 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 launch of an XRP ETF by 2025.
The recent increase in whale activity has caught the attention of investors, especially with XRP maintaining its position above the $0.52 mark. Data from on-chain sources reveals that over 218 million XRP coins have been transferred in the past day.
The noticeable trend of whales engaging in buy-and-dump transactions indicates a spike in activity, sparking discussions about a potential XRP boom. Whale Alert, a transaction tracking platform, reported that whales moved a staggering 218.06 million coins, with a significant amount coming from Binance and being distributed to various centralized exchanges.
A notable portion of the transferred XRP, totaling 167.81 million coins, ended up on Bitstamp, Bitso, and Coinbase exchanges, causing a significant impact on the market dynamics. Despite this, confidence in XRP’s future growth remains strong, as evidenced by continued large purchases from Binance whales.
The surge in whale activity coincides with the growing interest in XRP ETFs among major corporations, fueling speculation about the digital asset’s potential. While futures open interest for XRP is on the rise, reaching $666.79 million, derivatives volume has seen a slight decline to $657.42 million, leading to mixed opinions within the cryptocurrency community about XRP’s future prospects.
According to CoinMarketCap, the current price of XRP stands at around $0.5253, showing a slight decrease of 1.03% in the last 24 hours but a positive trend of 1.15% over the past week. Furthermore, Ripple CEO Brad Garlinghouse’s optimistic outlook on the imminent launch of an XRP ETF by 2025 has added to the positive sentiment surrounding the digital asset.