Last Updated on: 29th June 2023, 10:16 am
XRP, one of the most valuable digital currencies in the world, has seen an increase in whale trading in recent days. Whale Alert, one of the leading blockchain tracking companies, recently highlighted two significant XRP transfers with over 124 million coins.
On July 19, 2021, a prominent XRP address moved 84.3 million coins to an unknown wallet at 4:26 UTC. The total value of the above transaction is approximately $50 million. The transaction was recorded on Bithomp.com.
In a separate transfer, around 40 million XRP coins worth over the US $23 million were transferred from a crypto wallet to the Binance digital exchange.
The transaction was highlighted on Saturday, July 17 at 12:08 p.m. UTC.
XRP is currently the sixth-largest cryptocurrency in the world. The digital asset is more valuable than Dogecoin (DOGE), Polkadot (DOT), and Bitcoin Cash (BCH).
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Over the past week, the price of XRP has fallen sharply, losing almost 10% of its value. Currently, with a market cap of over $27 billion, the digital asset is trading at just under $0.58.
XRP large accounts and institutional entries
XRP’s whale activity has been increasing since the start of 2021 against a backdrop of significant price increases.
In May 2021, a crypto address moved 139 million coins to an unknown digital wallet. A similar transfer was recorded in June 2021 when a crypto wallet transferred 176 million coins.
In addition to large transactions, XRP investment products have seen a significant increase in institutional flows this year.
According to the weekly digital asset cash flow report released by crypto asset management company CoinShares in June 2021, XRP’s popularity skyrocketed with institutional investors during the last week of May.
“Investment product feeds show that altcoins remain popular, with entries in all altcoin investment products.”
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The data suggests that the most popular proof-of-stake coins with Cardano (ADA), Polkadot, and XRP entries of $5.2 million, $3.8 million, and $4.5 million, respectively, are management companies CoinShares in this report.
