29th April 2025 – (New York) A staggering transfer of 29,532,534 XRP tokens, worth approximately $68.7 million, was detected today by Whale Alert, leaving many speculating about its purpose. Contrary to initial assumptions of a potential large-scale sell-off, XRPWallets revealed that the transfer originated from Coinbase itself, moving tokens between internal wallets. This marks the third major cold wallet transfer by the exchange in less than two weeks, with several sub-wallets consistently receiving 3.88 million XRP each.
On 27th April, news broke that the U.S. Securities and Exchange Commission (SEC) had approved three ProShares XRP futures ETFs, fuelling a wave of market activity. However, confusion ensued as many investors believed the approval was for a spot ETF, which remains unapproved. The futures-backed ETFs, including Ultra XRP ETF (2x long), Short XRP ETF (1x short), and Ultra Short XRP ETF (2x short), allow exposure to XRP’s price movements without directly holding the asset.
Amid the regulatory developments, XRP’s price surged by 6.35%, reaching $2.28 on 28th April. The market cap increased to $131.06 billion, with trading volume climbing 53.58% to $3.92 billion. Despite broader market declines, including Bitcoin dropping 1.79% to $93,081.91, XRP’s strength highlighted growing optimism around the token.
Ripple Labs continues to gain momentum following its partial legal victory against the SEC and a $125 million settlement. With the SEC dropping its appeal in 2024, XRP is now poised for greater institutional adoption, as evidenced by the approval of futures ETFs. Ripple’s CEO also anticipates further regulatory clarity, with a decision on Grayscale’s spot XRP ETF application expected by 22nd May.
Globally, momentum for XRP is expanding. Brazil’s Hashdex recently launched the world’s first spot XRP ETF on the country’s primary stock exchange, giving investors direct access to the digital asset. Meanwhile, CME Group plans to introduce XRP futures contracts on May 19, adding to the growing institutional interest in the token.
Technical indicators suggest a bullish outlook for XRP, with traders eyeing breakout levels at $2.40 and $2.60. The token’s resilience in the face of market challenges, coupled with its increasing institutional adoption, reflects its growing significance in the crypto landscape.
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