What happened?
XRP is currently trading at $2.82 while large holders, known as “whales”, have been reducing their XRP exposure throughout the year. The article also reports on the launch of a new credit card by Gemini and Ripple that offers cashback rewards in XRP. Additionally, it mentions that XRP is gaining traction in futures markets with prediction markets giving an 82% chance of an XRP ETF approval by the end of 2025.
Who does this affect?
This affects a range of stakeholder groups including current and potential XRP investors, XRP “whales” who are reducing their exposure, retail traders who are showing bullish signs, and users of the newly launched XRP rewards credit card by Gemini and Ripple. Institutional players might also be impacted as XRP gains traction in futures markets.
Why does this matter?
The developments around XRP are significant as they potentially impact its market position and value. If the whales’ sell-off isn’t absorbed by new investments, there could be notable volatility in the market. Moreover, the increasing adoption of XRP, such as through the new credit card, and potential ETF approval can contribute to its growth beyond mere speculation. This would potentially boost its market cap and trading volume, leading to broader market impacts.