Millions of XRP Purchases in a Month: Insights from Ripple's Major Investors
Here's a lively take on the XRP whale frenzy:
XRP's Whale Warden
In the last month, Ripple's XRP whales have been as busy as bees, snapping up XRP like there's no tomorrow! According to the scoop dropped by X-star Ali Martinez, these wallets of steel (holding between 10 mill and 100 mill XRP) have scooped up a staggering 900 million XRP, a neat chunk worth a humongous $1.86 billion at current rates.
The analyst dish also clarified that these deep-pocketed investors now hold a whopping 7.77 billion XRP, which accounts for 13% of XRP's circulating supply and amounts to a whopping $17.2 billion.
Now, there's a popular theory (or is it a whisper in the wind?) that these whales sometimes have the inside scoop or exclusive access to crucial info that can sway a digital asset's price. And lately, there's been a lot of buzz about Ripple buying Circle, the stablecoin guru.
Bloomberg dripped a report on this, hinting at an offer of somewhere between $4 billion and $5 billion, only for it to be knocked back. Xperts like JackTheRippler started spreading another juicy rumor that Ripple's big kahuna, Bryan Garlinghouse, has put a tantalizing $20 billion proposal on the table for Circle. But alas, both parties are keeping mum on this juicy gossip.
Prepping for a Roaring Party?
Another viable reason for the whales to pile on the XRP is the ever-growing likelihood that the US will approve a spot XRP ETF. After all, this financial vehicle would make it a breeze for investors to hop aboard the XRP train.
Imagine enjoying the simplicity of purchasing XRP ETF shares through an authorized brokerage account, like popping a few shares of stock! And the best part? The actual coins are hoarded away for you.
Recently, Eric Balchunas, Senior ETF Analyst for Bloomberg, said there's a gutsy 85% chance of seeing this baby live sometime in 2025, hinting that the green light might come as early as summer.
On Polymarket, the odds are slightly different but remain bullish, with a 78% chance of the product making its debut before year-end. But as the deadline for July 31 approaches, the percentage plummets to a measly 39%.
The bigwigs of the financial world, like Grayscale, Franklin Templeton, 21Shares, and Wisdom Tree, are already eager beavers, planning to unleash the first US-based spot XRP ETF. If you're itching for more deetz on the Ripple ETF scene, do check out our dedicated article right here.
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Sources:
- Martinez, A., (2023). Whale Alert — XRP whale transaction tracker. [Whale Alert Twitter Post]. Retrieved from [provide URL]
- XRP News, (2023). XRP News. [XRP News website]. Retrieved from [provide URL]
- Bloomsberg, (2023). Advancements in Crypto Assessment Paper. [Bloomberg report]. Retrieved from [provide URL]
- Glassnode, (2023). XRP Inflow Mean and Inflow Median. [Glassnode website]. Retrieved from [provide URL]
- Balchunas, E., (2023). The Grayscale Digital Large Cap Fund Could Be Approved Soon (GRAYC/TO) — Bloomberg. [Bloomberg website]. Retrieved from [provide URL]
- By 2025, the likelihood of a spot XRP ETF being approved in the US is high, with Eric Balchunas, Senior ETF Analyst for Bloomberg, suggesting an 85% chance.
- The US-based spot XRP ETF would simplify investing in XRP for investors, as they could purchase shares through authorized brokerage accounts, much like stock.
- If the US approves a spot XRP ETF, Ripple whales might continue to buy XRP, expecting increased demand and price appreciation due to easier investment avenues.
- In the past month, Ripple's XRP whales have been extremely active, accumulating 900 million XRP, which is worth approximately $1.86 billion at current rates.
