Highlights:
- Significant movements of nearly 83 million XRP coins by whales align with this heightened interest, indicating both accumulation and liquidation activities in the market.
- Ripple CEO Brad Garlinghouse’s mention of a potential XRP ETF also sparks optimism in the cryptocurrency community.
- Despite uncertainty regarding future price movements, XRP’s Relative Strength Index (RSI) stands at 50, suggesting a balanced market sentiment.
After Ripple CEO Brad Garlinghouse mentioned an XRP ETF recently, the cryptocurrency community is feeling optimistic, according to reports. Investors are excited about the significant movements of nearly 83 million XRP coins by big holders, known as whales, which aligns with this increased interest.
Whale Activity Spotted
Recent on-chain statistics reveal that up to 83 million XRP coins have been transferred between various wallets and exchanges. This movement of XRP, coupled with Ripple CEO Brad Garlinghouse’s optimistic comments regarding the potential introduction of an XRP ETF, serves as clear indicators of both accumulation and liquidation activities in the market. These developments have sparked heightened reactions within the cryptocurrency market, which is already on edge due to the ongoing legal case against Ripple by the US Securities and Exchange Commission (SEC).
Brad Sounds Confident
During an interview with Fox Business, Brad repeated his earlier statements from the Consensys 2024 conference, stating that XRP, Solana, and other ETFs are inevitable. A recent report by CoinGape Media highlights the possibility of an XRP ETF by 2025, especially considering the recent approval of Bitcoin (BTC) and Ethereum (ETH) ETFs.
According to data from the on-chain tracker Whale Alert, 83 million coins were moved when this news hit the market. Two whales acquired a total of 54.35 million coins from Binance, while another XRP whale sold 28.75 million coins to Bitstamp.
Confident Whales
The whales known as rfQ9EcLkU and rarG6FaeYh, who acquired XRP through Binance, have made similar large purchases in the past. This consistent buying indicates strong confidence in XRP’s future value. On June 5th, XRP was priced at approximately $0.5263, showing a 1.43% increase in the last day. However, according to CoinMarketCap data, it has decreased by 0.29% over the previous week.
Previously, CNF shed light on the current whale activity by discussing the movement of 80 million XRP tokens during Ripple’s escrow release. This background information helps contextualise the recent whale movements in the market.
XRP Price Hike
Amidst these recent developments, XRP’s price has shown a promising upward trend. Earlier this week, XRP was priced at $0.5251, marking a 1.04% increase from previous data. This increase in price could reflect the overall trend in the broader crypto market. The lowest and highest prices for XRP in the past 24 hours are $0.5185 and $0.53, respectively. Furthermore, the token’s futures open interest (OI) increased by 5.96% to $650.38 million, accompanied by a 35.97% rise in derivatives volume to $820.49 million.
This indicates a potential uptrend in the market for XRP, driven by increasing investor interest. However, the Relative Strength Index (RSI) stood at 50, suggesting that XRP is neither overbought nor oversold. Overall, market data also created uncertainty regarding the future price movements of the token.
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