Recent comments by Ripple CEO Brad Garlinghouse regarding an XRP ETF have mirrored positive market sentiment for the cryptocurrency XRP, backed by Ripple Labs, throughout the world of cryptocurrencies. Amidst the market excitement, whales made a big reshuffle of about 83 million tokens, further enthralling cryptocurrency investors.
Despite the CEO’s unwavering and optimistic position on an impending ETF, on-chain data showed that up to 83 million coins were moved between wallets and exchanges, indicating accumulations and dumps. Because the cryptocurrency is currently facing a lawsuit from the U.S. SEC, there has been much speculation about how well the Ripple-backed digital asset would perform in the future, which has heightened market reactions.
As Brad states, “It’s Just a Matter of Time,” 83 million coins have moved
In a Fox Business interview, Brad restated his remarks from a week ago at the Consensys 2024 conference, stating that an Ripple, Solana, and other ETFs are unavoidable. A new analysis from CoinGape Media emphasizes how likely an XRP ETF by 2025 will materialize, given the approval of Ethereum (ETH) and Bitcoin (BTC) as ETFs.
When this news broke in the market, 83 million coins were shuffled, according to data made public by the on-chain tracker Whale Alert. An XRP whale offloaded 28.75 million coins to Bitstamp, while two whales combined collected 54.35 million coins from Binance.
Interestingly, CoinGape Media revealed that the two whales who purchased Ripple from Binance today—rfQ9EcLkU and rarG6FaeYh—have also lately made comparable enormous purchases. This demonstrates the whales’ unwavering faith in the stock during its current range of $0.52 to $0.54.
The price of XRP rises amid positive buzz
As the occurrences above occur, the price of XRP has demonstrated a positive rising trend. At the time of writing, XRP was trading at $0.5251, up 1.04% from the day before. This price increase may indicate a trend in the cryptocurrency market as a whole. The 24-hour low and high points for XRP are $0.5185 and $0.53, respectively.
In addition, the token’s futures open interest (OI) increased by 5.96% to $650.38 million, while its derivatives volume increased by 35.97% to $820.49 million. This suggested that the asset market was rising due to growing investor interest.The RSI, on the other hand, was at 50, suggesting that Ripple is not overbought or oversold. The combined effect of market data has obscured the coin’s future price movements.
