Ripple Whales Acquire 365 Million XRP Amid ETF Hype

Amid the positive sentiment for the industry as a whole, last week saw Ripple whales acquire 365 million XRP amid Spot ETF hype. Indeed, the asset saw some impressive accumulation figures amid the arrival of the first Spot Bitcoin ETFs in the United States, and rumblings of a Ripple ETF in the near future.

The US Securities and Exchange Commission (SEC) reversed a long-standing trend through a flurry of Spot Bitcoin ETF approvals. In total, the agency greenlit 11 applications on January 10th, with trading beginning less than 24 hours later. The excitement for the overall industry was palpable, as optimism for its future abounded.

Also Read: Ripple XRP Weekend Price Prediction

Ripple Whales Get Buying As ETF Hype Runs Rampant

Coming off of a positive end to the year for the asset, Ripple has been the subject of some promising predictions. Indeed, its legal trouble with the SEC appears to be heading to a conclusion after several years. Moreover, the market as a whole is flourishing following the approval of Spot Bitcoin ETFs in the United States.

Now, the excitement may well be coming to fruition. Specifically, Ripple Whales acquired 365 million XRP over the last week amid the overall ETF hype. Moreover, the development caused an increase in Ripple’s trading volume. Specifically, last week it reached as high as $1.2 billion.

Also Read: Ripple & Mastercard Partnership to Push XRP to $0.70?

Many predict a surge in store for Ripple, as it is nearing a breakout. However, over the last 24 hours, XRP has fallen more than 5% and is trading at $0.57 according to CoinMarketCap. Still, there are expected to be gains in the store for the assets short term, and it should be reinforced by positive market sentiment.

Conversely, with BlackRock’s Larry Fink speaking of a potential Ethereum ETF, there have become some rumblings of Ripple receiving a similar investment vehicle. However, such a development is likely not in store for this year.

Bloomberg analyst James Seyffart recently noted that it could come to fruition, but not this year. Mostly, Seyffart discussed the ongoing lawsuit between the SEC and Ripple as the biggest reason why. For any chance of such an investment product to come to fruition, the entire lawsuit would need to be done.