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- XRP price could soon witness an upside as the Ripple altcoin saw strong inflows into investment products, with $11.2 million invested in the past week.
- The Cboe Exchange has filed applications for spot XRP ETFs from major asset managers like WisdomTree, Bitwise, 21Shares, and Canary.
Ripple whales are back in action, buying the XRP price dips and accumulating more than $520 million worth of coins recently. The development comes just at a time when multiple firms filed for a spot XRP ETF on Thursday, thereby building up further excitement around the launch of these products.
Ripple Whales on Strong Accumulation: Will XRP Price Hit $3.0 Soon?
Ripple whales are making waves in the latest XRP news as they continue their buying spree. Data shows that these large holders have accumulated over 500 million tokens during the recent price dip. Over the past week, the XRP price has corrected by 24% amid the broader crypto market selloff. As of press time, the XRP price is down by 3.5% to $2.36 with a market cap of $136 billion. Also, as per the Coinglass data, the 24-hour liquidations have soared to $14 million, with $8.86 million in long liquidations.
Crypto analyst Ali Martinez reports that whales took advantage of the recent dip in the market, purchasing a total of 520 million XRP. Furthermore, the inflows into XRP investment products have remained strong during the past week as well.
Earlier this week, CoinShares Head of Research James Butterfill shared the weekly flow data, with XRP being among the top altcoins to register inflows. During the past week, Ripple’s native cryptocurrency saw an influx of $11.2 million, surpassing Solana’s inflow of $3 million.
According to our recent analysis, the XRP price is on track for a 63,000% mega rally similar to that seen in 2017. In 2017, XRP surged by 63,000%, jumping from $0.006 to an all-time high of $3.84 in early 2018. Analysts are now spotting strong signs suggesting a potential for another significant uptrend.
Cboe Exchange Files for Spot XRP ETFs for Four Asset Managers
On Thursday, the Cboe Exchange in Chicago filed four separate applications with the Securities and Exchange Commission, requesting approval to list and trade spot XRP ETFs from WisdomTree, Bitwise, 21Shares, and Canary, as mentioned in our previous report.
Major asset managers are now competing to launch the first spot XRP ETFs in the U.S., following the success of Bitcoin and Ethereum ETFs last year. However, some on Wall Street remain unconvinced, citing a lack of “full-throated demand” for crypto ETFs. The filing states:
Cboe “believes it is applying proper legal standards in making a good faith determination that XRP is not under these circumstances a security under federal law.”
Unlike previous crypto ETF approvals, XRP does not have an established CME futures market, which was a key factor the SEC considered when approving Bitcoin and Ethereum ETFs.
