By Nermeen Nabil Khear 
The effects of large-scale crypto holders were seen in the last 24 hours before the Bybit saga weighed on sentiments. XRP whales purchased large amounts of tokens as altcoins flipped green. Institutional investors maintain their interest in XRP, citing cross-border solutions and a possible spot ETF approval in the United States. At press time, the total crypto market capitalization stood at $3.19 trillion.
Whales Back XRP Growth
In the last 24 hours, a group of whales scooped over $20 million worth of XRP, leading to an uptick in hourly trading volume. This follows similar trends in altcoins as bulls aim for a rebound before the end of the month, known for positive growth in altcoins. After a string of bullish activity, the asset ticked up 2% within hour,s taking down hourly numbers.
However, these gains were short-lived because of the wider market downturn and the infamous Bybit scandal that wiped over $1.4 billion from the market. This week XRP holders showed enthusiasm after the approval of the first spot XRP ETF in Brazil sending positive signals to the United States market. Amid several applications for ETF products, crypto users rally behind XRP due to its institutional interests. According to Bitwise’s CEO, the chances of approval remain high.
“I would say two things on things up front… I think there’s substantial demand for an XRP ETF. XRP has had a sustained community for extremely long period of time. It’s an asset that trades significantly on centralized exchanges. I think people would love to find a way to hold it in a simple low-cost easy-to-use ETP structure. And I would say the second piece is the SEC much more receptive to discussion under the new administration than they were in the past.”
Traders Move To Altcoins Amid Cycle Swing
Upward momentum in XRP led to similar trading patterns in a slew of altcoins. This was also fueled by the CryptoQuant CEO’s view on an altcoin season. For Ki Young Ju, the altcoin season has started as stablecoin holders back the asset. Although there is no capital rotation, Young Ju stressed that BTC dominance doesn’t reflect the trend anymore as it’s a “selective alt season.”
Ethereum price also ticked up in hourly trading, showing signs of a strong rebound when the market flips green. Meme coins followed the same trajectory before the negative sentiment occasioned by the Bybit hack.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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