Ripple’s Major XRP Transfer Boosts Market Anticipation for ETF
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Ripple’s recent transfer of 150 million XRP, worth $85 million, has sparked excitement and speculation about a potential XRP ETF.
This move comes amid bullish market sentiment following Grayscale’s announcement of its XRP Trust and ongoing legal battles with the SEC.
Ripple has set the cryptocurrency world abuzz with a significant 150 million XRP transfer, valued at approximately $85 million. This substantial transaction, completed early Friday morning at 4:40 AM UTC, has fueled speculation and excitement around the potential launch of an XRP ETF. The massive transfer was recorded by blockchain whale tracker Whale Alert and has stirred the crypto community, further driving XRP’s bullish momentum.
150,000,000 #XRP (85,383,318 USD) transferred from #Ripple to unknown wallethttps://t.co/uwRDwlk3LS
— Whale Alert (@whale_alert) September 13, 2024
Transaction Details and Historical Context
Notably, the receiving wallet, which was activated on October 2, 2023, still holds the entire 150 million XRP from the recent transaction. This wallet now contains a total of 218 million XRP. Meanwhile, the sending address, a multi-signature Ripple wallet, retains around 200 million XRP.
XRP ETF Rumors Reach a Fever Pitch
The timing of this colossal transaction aligns with growing speculation around an XRP ETF. The buzz intensified following Grayscale’s announcement of its intention to launch the Grayscale XRP Trust, which has been likened to the firm’s successful conversion of trusts into ETFs for Bitcoin and Ethereum in the past.
According to expert Blair Campbell, the debut of an XRP ETF could happen within the next four to eight months. However, the path to this milestone is not without obstacles. The XRP market is still navigating a complex legal landscape with the US Securities and Exchange Commission (SEC), which has until October 6 to appeal Judge Torres’ recent partial victory ruling.
Market Reaction and Future Outlook
Despite the ongoing legal uncertainties, the announcement from Grayscale has injected renewed vigor into XRP’s price. The cryptocurrency has surged over 4% in the past 24 hours, currently trading at $0.5611. As the market eagerly anticipates further developments, Ripple’s massive XRP transfer stands as a potent reminder of the dynamic and rapidly evolving nature of the cryptocurrency space.
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