365M XRP Bought by Ripple Whales Amidst ETF Buzz

• Ripple Whales Acquire 365 Million XRP Amidst ETF Excitement
• SEC's Approval of Spot Bitcoin ETFs Boosts Market Sentiments
• Ripple's Positive Projections Amidst ETF Buzz
• Potential Ripple Whales Fuel Trading Volumes
• Possibility of Ripple ETF

Ripple Whales Acquire 365 Million XRP Amidst ETF Excitement

The crypto industry recently experienced a surge of buoyancy with Ripple whales purchasing an impressive 365 million XRP$0.620 -1.68% in the previous week. This acquisition spree was fueled by the hype surrounding the advent of the first Spot Bitcoin$42,260 -0.64% ETFs in the US, along with anticipations of a potential Ripple ETF soon.

SEC's Approval of Spot Bitcoin ETFs Boosts Market Sentiments

The US Securities and Exchange Commission (SEC) disrupted a long-term trend by approving several Spot Bitcoin ETF applications. The SEC approved a total of 11 applications on January 10th, which commenced trading in less than 24 hours. This sequence of developments has generated a wave of enthusiasm across the crypto industry, fostering optimism about its future prospects.

Ripple's Positive Projections Amidst ETF Buzz

Ripple, which witnessed a fruitful conclusion to the last year, has been the center of some promising forecasts. Its ongoing legal issues with the SEC seem to be nearing resolution after several years of dispute. Furthermore, the broad market is thriving due to the sanction of Spot Bitcoin ETFs in the US.

Potential Ripple Whales Fuel Trading Volumes

The current hype has led to the acquisition of 365 million XRP by Ripple whales. This development has also led to an increase in Ripple's trading volume, which peaked at $1.2 billion last week. Many are predicting a surge for Ripple, as it seems to be on the cusp of a breakout. Even as XRP's value fell by over 5% in the past 24 hours, the positive market sentiment is expected to propel short-term gains for the asset.

Possibility of Ripple ETF

With Larry Fink of BlackRock hinting at a possible Ethereum$2,315 -2.42% ETF, speculations have arisen about Ripple receiving a similar investment vehicle. However, such a development is not expected to materialize in the current year. Bloomberg analyst James Seyffart suggests that this could be a future possibility, but not in the current calendar year. He attributes the ongoing SEC lawsuit as the primary hindrance to such a development. For a Ripple ETF to become a reality, the lawsuit would need to be completely resolved.

Edited by Jonathan Stoker