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83M Coins Reshuffled Amid Ripple CEO’s Unwavering Stance On XRP ETF
Ripple CEO Brad Garlinghouse’s recent remarks on an XRP ETF have echoed an optimistic market buzz for Ripple Labs-backed cryptocurrency XRP across the global crypto landscape. The significant reshuffling of nearly 83 million tokens by whales, amid this market buzz, has further taken crypto investors by storm,
On-chain data illustrated that nearly 83 million coins were transferred between wallets and exchanges, a clear sign of accumulations and dumps, amid the CEO’s resolute and bullish stance on an imminent ETF. This has sparked a flurry of speculations over the Ripple-backed digital asset’s future performance as the crypto currently bears the brunt of a lawsuit against the U.S. SEC, intensifying market reactions.
83M Coins Moved As Brad Says ‘Only A Matter Of Time’ for ETF
Speaking at an interview with Fox Business, Brad reiterated his comments during the Consensys 2024 conference a week ago, proclaiming that an XRP, Solana, and other ETFs are inevitable. A recent report by CoinGape Media further spotlights that, taking into account the recent Bitcoin (BTC) and Ethereum (ETH) ETF approval, a potential XRP ETF by 2025 is highly possible.
According to data revealed by the on-chain tracker Whale Alert, 83 million coins were shuffled when this news surfaced in the market. Two whales collectively accumulated 54.35 million coins from Binance, whereas an XRP whale offloaded 28.75 million coins to Bitstamp.
Notably, CoinGape Media reported that the two whales, rfQ9EcLkU and rarG6FaeYh, that accumulated XRP from Binance today, have also recently bought similar colossal amounts. This underscores the whales’ undeterred confidence in the asset while the price hovers around the $0.52 price level.
Also Read: 3 Solana Meme Coins To Buy As SOL Hits $170
XRP Price Jumps Amid Optimistic Buzz
Amidst the unfolding of the abovementioned developments, the XRP price has shown a promising upward trajectory. As of writing, XRP’s price traded at $0.5251, marking a 1.04% increase from the previous day. This price upswing could potentially reflect the broader crypto market’s trend. XRP’s 24-hour bottoms and peaks are $0.5185 and $0.53, respectively.
Further, the token’s futures OI surged 5.96% to $650.38 million, followed by a derivatives volume rise of 35.97% to $820.49 million. This hinted at a market uptrend for the asset, driven by rising investor interest.
However, the RSI rested at 50, hinting that XRP is neither overbought nor oversold. Collectively, market data has shrouded the token’s future price movements in uncertainty.
Also Read: Crypto Prices Today June 5: Bitcoin Edges Closer To $71K, Altcoins ETH, SOL, & Others Mimic Pump
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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