- Whale activity has spiked, moving 218.06 million XRP in 24 hours.
- Ripple CEO Garlinghouse is confident an XRP ETF launch is imminent by 2025.
Whale activity has once again increased significantly, attracting significant investor interest, against the background of XRP’s sustained position above the $0.52 price level. According to on-chain data that has surfaced across the market, little more than 218 million coins have been shuffled in the last 24 hours.
The data showing a trend of whales doing buy-and-dump transactions makes this higher activity clear, which has led to conjecture regarding the possibility of an XRP boom.
Whales transferred a startling 218.06 million coins in the last 24 hours, according to data released by the on-chain transaction tracker Whale Alert. The whales were seen to have taken 50.25 million XRP from Binance in total, with the others offloading sizable sums of the same to various centralized exchanges (CEXs).
Interestingly, the statistics shows that 167.81 million XRP were offloaded to Bitstamp, Bitso, and Coinbase exchanges. The dumps have severely weakened the buildup from the previous day.
Confidence in XRP’s Potential
It is also noteworthy that prior reports indicate that the XRP whales who purchased tokens from Binance are continuing to make similar purchases, indicating growing optimism in the asset’s future growth. Meanwhile, XRP seems to have absorbed the brunt of market supply pressure.
The significant increase in whale activity that coincides with the XRP ETF craze in larger businesses has heightened speculation.
The futures open interest (OI) for XRP has been rising steadily and gradually in recent days; it is currently $666.79 million, according to Coinglass statistics. But derivatives volume fell 19.76% to $657.42 million. This has in turn generated conflicting opinions about XRP’s prospects going forward among the larger cryptocurrency community.
CoinMarketCap data indicates that the price of XRP at the time of writing is approximately $0.5253, down 1.03% in the previous day but showing a positive position over the previous seven days with a 1.15% rise.
But earlier, CNF reported on Ripple CEO Brad Garlinghouse’s declaration of confidence in the upcoming introduction of an XRP ETF, saying that it is “inevitable” by 2025.
