HomeAltcoin NewsXRPRipple Whales Move Millions as ProShares Files for an XRP ETF

Ripple Whales Move Millions as ProShares Files for an XRP ETF

Date:

  • ProShares at the moment targets XRP with a “Short XRP Strategy ETF” filing with the Securities and Exchange Commission.
  • Kaiko data shows that XRP is the leading altcoin in ETF filings, with around 10 ongoing applications.
  • Despite these positive indicators, there have been multiple instances of Ripple whales selling massive sums on exchanges.

XRP is entering a new phase of adoption, overcoming its history of market hype and legal battles. Heating up once again is institutional interest, with ProShares joining other asset managers on the waitlist for XRP ETFs.

If these applications are approved, the ETFs could play a major role in improving how investors access the native cryptocurrency of the Ripple ecosystem. Here’s what to know about the growing XRP ETF waitlist amid substantial whale activity over the past 30 days.

ProShares Files for a Short XRP ETF

The biggest XRP ETF move this week came from ProShares, which is known for launching the first US Bitcoin futures ETF. This firm is now targeting XRP this time around, with a “Short XRP Strategy ETF” filing with the US Securities and Exchange Commission.

Said ETF is a futures-based product that will allow traders to bet on the price of XRP without having to own the asset directly. The proposed ETF is slated for possible launch on 30 April and offers a new way for investors to interact with the cryptocurrency through regular brokerage accounts. This could open the door to a wider range of institutional and retail investors who prefer to trade in regulated environments instead of buying crypto themselves.

XRP Tops the ETF Filing Charts

Kaiko data indicates now that XRP is the altcoin leading in ETF filings, with about 10 applications already in the works. This means that the cryptocurrency is now beating other competitors like Dogecoin, Litecoin, and even Solana. XRP holds strong market liquidity, which is one of the major factors the SEC (and other agencies) watch out for before approving exchange-traded products.

This high liquidity means that XRP is less prone to price manipulation and is easier to trade. This data from Kaiko shows that the groundwork is now being laid for an ETF approval and for XRP to enter a new chapter in its history.

Kaiko’s data suggests that the groundwork is being laid not just for an ETF approval, but for XRP to enter a new chapter of financial legitimacy. According to crypto analyst John Squire, the ProShares filing came soon after reports that Ripple and the SEC could be getting close to a final settlement in the ongoing court battle.

He sees this moment as a shift from the speculation XRP investors are used to to a period of real movement. “XRP isn’t waiting on sidelines anymore,” he said. “It’s pushing into the spotlight and signaling that it’s ready for prime time.”

Whale Activity Paints a Different Picture

Amid the excitement around ETFs, XRP’s price and its whale movements tell a more complicated story. Recently, there have been multiple instances of Ripple whales selling large sums and moving even larger amounts to exchanges. For example, one whale recently transferred 131 million XRP (worth over $273 million) between unknown wallets, according to Whale Alert. 

This move came several hours after another huge transfer of $63 million. These transactions may be over-the-counter (OTC) deals or simple internal shifts. However, many retail investors find this activity disturbing, especially with the general crypto market currently in a delicate spot.

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Recent insights from analyst Ali Martinez also show that over the last month, the whales have sold around $370 million worth of the cryptocurrency. At the time of writing, XRP is trading just above the $2 price level, after its decline from $3.4.

If this decline continues, XRP could continue further down to $1.90 and possibly even as low as $1.55. At the end of the day, an XRP recovery from ETF approvals will depend on regulators and market sentiment, among other things.

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Brenda Mary
Brenda Mary
Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction. She has developed expertise in technical analysis and price forecasting of breaking blockchain news. Additionally, she enjoys engaging in stock markets and investing in cryptocurrencies.

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