## Positive Movements in the Crypto Market Amid Recent Developments
In the past 24 hours, the influence of large-scale crypto holders became evident just before the Bybit saga cast a shadow over market sentiments. XRP whales made significant purchases of tokens as altcoins began to show positive momentum. Institutional investors continue to express interest in XRP, highlighting its potential for cross-border solutions and the possibility of a spot ETF approval in the United States. As of now, the total cryptocurrency market capitalization is approximately $3.19 trillion.
## Whales Back XRP Growth
Over the last day, a group of whales invested more than $20 million in XRP, resulting in an increase in hourly trading volume. This activity aligns with similar trends observed in altcoins, as bullish traders aim for a rebound before the month concludes, a period typically associated with positive altcoin growth. Following a series of bullish movements, XRP saw a 2% increase within the hour, boosting trading figures. However, these gains were fleeting due to a broader market downturn and the notorious Bybit scandal, which erased over $1.4 billion from the market.
This week, XRP holders expressed excitement following the approval of the first spot XRP ETF in Brazil, which sent encouraging signals to the U.S. market. With multiple ETF applications in the pipeline, crypto enthusiasts are rallying behind XRP due to its institutional appeal. Bitwise’s CEO noted that the chances of approval are promising. “I would say two things up front… There’s substantial demand for an XRP ETF. XRP has maintained a dedicated community for an extended period. It’s an asset that trades significantly on centralized exchanges. People would love a simple, low-cost, easy-to-use ETP structure for it. Additionally, the SEC seems much more open to discussions under the new administration than in the past.”
## Traders Move To Altcoins Amid Cycle Swing
The upward momentum in XRP has sparked similar trading behaviors across a variety of altcoins. This trend is further supported by the CryptoQuant CEO’s perspective on the emergence of an altcoin season. According to Ki Young Ju, the altcoin season is underway, with stablecoin holders backing these assets. While there hasn’t been a significant capital rotation, Young Ju emphasized that BTC dominance no longer accurately reflects the current trend, describing it as a “selective alt season.”
Ethereum also experienced a rise in hourly trading, indicating a potential strong rebound as the market shifts to a more positive outlook. Meme coins followed a similar upward trajectory before the negative sentiment triggered by the Bybit hack.
