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83 Million Coins Reorganized Amid Ripple CEO’s Unwavering Stance on XRP ETF
Recent comments from Ripple CEO Brad Garlinghouse on a ETFXRP echoed an optimistic market buzz for the Ripple Labs-backed cryptocurrency XRP across the global crypto landscape. The significant reorganization of nearly 83 million tokens by whales amidst this market turmoil has further enraptured crypto investors,
Network 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 optimistic stance regarding an imminent ETF. This has sparked a flurry of speculation about the future performance of the Ripple-backed digital asset, as the crypto currently bears the brunt of a lawsuit against the US SEC, intensifying market reactions.
83 Million Coins Moved as Brad Says “Only a Matter of Time” for ETF
Speaking in 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 from CoinGape Media further highlights that taking into consideration the recent Bitcoin (BTC) and Ethereum (ETH) ETF approval, a potential XRP ETF by 2025 is highly possible.
According to data revealed by on-chain tracker Whale Alert, 83 million coins were shuffled when the news broke on the market. Two whales collectively accumulated 54.35 million Binance coins, while one XRP whale offloaded 28.75 million coins to Bitstamp.
Notably, CoinGape Media reported that the two whales, rfQ9EcLkU and rarG6FaeYh, who Accumulated XRP from Binance today, have also recently purchased similar colossal amounts. This underscores whales’ unwavering confidence in the asset as the price hovers around the $0.52 price level.
Read too: 3 Solana Meme Coins to Buy When SOL Hits $170
XRP Price Jumps Amid Bullish Rumors
Amidst the aforementioned developments unfolding, the price of XRP showed a promising upward trajectory. At the time of writing, XRP Price traded at $0.5251, marking a 1.04% increase from the previous day. This price rally could potentially reflect the broader crypto market trend. XRP’s 24-hour lows and peaks are $0.5185 and $0.53, respectively.
Additionally, the token’s future OI rose 5.96% to $650.38 million, followed by an increase in derivatives volume of 35.97% to $820.49 million. This suggested an upward market trend for the asset, driven by growing investor interest.
However, the RSI remained at 50, suggesting that XRP is neither overbought nor oversold. Collectively, the market data has shrouded future token price movements in uncertainty.
Read too: Crypto Prices Today, June 5: Bitcoin Comes Closer to $71K, Altcoins ETH, SOL and Others Mimic Pump