Nearly 1 Billion XRP Gulped by Whales As XRP Spot ETF is Set to See The Light of Day

As XRP edges closer to the psychological price of $3, whales have been ramping up their positions after purchasing over 880 million XRP valued at $2.14 billion last month.

Bullish on-chain metrics might have triggered this decision.

For instance, according to CoinGecko data, XRP has increased 17.8% in the past month to hit $2.43 at the time of writing.

XRP’s open interest has also scaled heights after hitting $4.74 billion, illustrating heightened market activity and liquidity.

Is XRP Eyeing the $3 Price Zone?

Having broken past major resistance at $2.26, renowned market analyst Ali Martinez is optimistic that XRP is destined for $2.60, which will enable the fourth-largest cryptocurrency to hit the $3 price zone.

Given that XRP institutional products’ inflows reached $10.5 million in the past week, bulls speculate that this asset’s price might reach $5 this month.

Furthermore, there is a high chance that the XRP exchange-traded fund (ETF) will be approved in July this year.

Calling out this development, renowned crypto pundit, JackTheRippler, stated, “The Grayscale Digital Large Cap Fund Index ETF, including XRP, is scheduled to launch on July 2nd.”

ETFs are game-changers because they enable investors to diversify their portfolios at a cost usually lower than traditional mutual funds.

Additionally, ETFs can be traded like regular stocks, giving investors more flexibility. They can be bought or sold throughout the trading day at the prevailing market prices.

This explains why ETFs usually attract more institutional interest, which would be a welcome move in the XRP network.