Bloomberg analysts have increased the likelihood of XRP ETF approval to 95%. The factors contributing to this rise include institutional interest and whale activity.
Discussion on XRP ETF Approval Rating
Bloomberg analysts, led by Eric Balchunas and James Seyffart, have raised the chances of XRP ETF approval to 95%. This is attributed to growing regulatory engagement and institutional appetite. The SEC is actively processing filings, indicating a shift towards recognizing XRP as a commodity, akin to Bitcoin and Ethereum.
Whale Activity in XRP
According to market analyst Jungle Inc, XRP whales have begun to accumulate heavily. In the past month, whales holding between 10 million and 100 million XRP purchased over 420 million XRP valued at approximately $915 million. This activity indicates long-term conviction in XRP and an improved regulatory outlook.
Record Wallet Surge of Large Investors
On-chain analytics indicate a historic milestone: over 2,700 wallets now hold more than 1 million XRP, marking the highest concentration in XRP's history. This surge suggests large players and institutions are injecting capital into XRP. Additionally, active addresses on the XRP Ledger have soared to 295,000, reflecting increasing interest in using XRP in decentralized finance.
The optimistic XRP ETF outlook from Bloomberg, combined with active accumulation by whales, paints a positive picture for XRP's future.
