Whales Swallow Nearly 1 Billion XRP as ETF Approval Looms—Bullish or Bubble?
Crypto whales just made a billion-dollar bet on XRP—scooping up nearly 1 billion tokens in a single feeding frenzy. Is this a calculated move or just another speculative gambit?
The timing? Suspiciously convenient. Rumors of an XRP spot ETF nearing approval sent shockwaves through the market, and the big players wasted no time. Forget ’buy the rumor’—this is ’swallow the rumor whole.’
Meanwhile, retail traders scramble for crumbs. Classic Wall Street playbook—just with blockchain flavor. Will the ETF actually materialize, or is this another ’institutional adoption’ pipe dream? Either way, someone’s getting rich. Probably not you.
As XRP edges closer to the psychological price of $3, whales have been ramping up their positions after purchasing over 880 million XRP valued at $2.14 billion last month.
Bullish on-chain metrics might have triggered this decision.
For instance, according to CoinGecko data, XRP has increased 17.8% in the past month to hit $2.43 at the time of writing.
XRP’s open interest has also scaled heights after hitting $4.74 billion, illustrating heightened market activity and liquidity.
Is XRP Eyeing the $3 Price Zone?
Having broken past major resistance at $2.26, renowned market analyst Ali Martinez is optimistic that XRP is destined for $2.60, which will enable the fourth-largest cryptocurrency to hit the $3 price zone.
Given that XRP institutional products’ inflows reached $10.5 million in the past week, bulls speculate that this asset’s price might reach $5 this month.
Furthermore, there is a high chance that the XRP exchange-traded fund (ETF) will be approved in July this year.
Calling out this development, renowned crypto pundit, JackTheRippler, stated, “The Grayscale Digital Large Cap Fund Index ETF, including XRP, is scheduled to launch on July 2nd.”
ETFs are game-changers because they enable investors to diversify their portfolios at a cost usually lower than traditional mutual funds.
Additionally, ETFs can be traded like regular stocks, giving investors more flexibility. They can be bought or sold throughout the trading day at the prevailing market prices.
This explains why ETFs usually attract more institutional interest, which WOULD be a welcome move in the XRP network.
