In exciting news for Ripple investors, XRP defied the bearish market trend dominating the market to rally 13% in the last 24 hours after the SEC acknowledged the filing of Grayscale’s application to convert Grayscale Dogecoin Trust to a Dogecoin ETF.
On Thursday, Feb. 13, the Securities and Exchange Commission acknowledged having received an application from Grayscale to convert their Dogecoin Trust to a Dogecoin ETF.
While the news triggered a trend reversal and an uptrend for DOGE, its biggest impact would be felt by Ripple investors as bulls pushed XRP prices up by more than 13% to hit an intra-day high of $2.78 in early morning Friday, Feb. 14.
SEC’s decision reignited the speculation among Ripple investors that the agency would eventually approve a Ripple ETF.
The altcoin’s explosive reaction to non-XRP-related news isn’t new as it had a near-similar reaction when the SEC and Binance filed a joint motion with the courts seeking a 60-day pause of their ongoing litigation.
The move had investors convinced that the SEC will possibly drop its appeal against Ripple.
Ripple Whale Activity Sparks Volatility
The heightened volatility that saw Ripple’s daily trading volumes rally by more than 36% during the day may also be attributed to increased whale activity.
Two of the biggest transfers of the day were carried out by wallet addresses attributed to Ripple and Coincheck.
In the first transaction, Ripple moved 300 million XRP coins worth more than $776 Million while the Coincheck exchange moved 42 Million XRP coins worth close to $105 million to a new address.
Historically, heightened whale activity in the middle of a bullish momentum often advances the uptrend.
The optimism towards Ripple’s future resulting from a crypto-friendlier SEC may be evidenced by the number of new Ripple addresses opened in the recent past.
