XRP whales have opted for accelerating the movement of XRP after a jump in its price of about 12% in the last 24 hours. A large XRP wallet moved $93million worth of digital currency to a completely unknown wallet.
According to the latest data of Whale Alert, a blockchain tracking and crypto analytics platform, a certain XRP address has moved 61.99 million coins. It was transferred to an unknown wallet on the 18th of May at 00:17 UTC. This latest movement came into action after a crypto wallet made the execution of a transaction of 25 million XRP. It has a worth of $38 million, and the transfer got processed from the cryptocurrency exchange Bittrex to another digital wallet.
The XRP price is witnessing volatility in the last week as the price of the cryptocurrency has touched a low of $1.25. This digital currency is seeing a spike of more than 15% from the last 2 days. The digital asset is also trading near $1.53 with a market cap of more than $53B. XRP is the 7th largest crypto in the world. It lies just behind the stable coin Tether with respect to market cap.
Ripple, which is a San Francisco-based blockchain company, came up with the release of its quarterly market report earlier this month. It is highlighting a surge in the sales of XRP during the first three months of 2021. The said cryptocurrency is also getting popular among institutional investors. XRP products are attracting 433 million worth of institutional inflows in the second week of April 2021.
In March of this year, Ripple published a whitepaper on Central Bank digital currencies. It has termed XRP as the bridge currency for the CBDCs. The company is announcing its support to the central banks through a private version of XRPL.
During a very recent interview, Ripple CEO Brad Garlinghouse said that this cryptocurrency is growing high in Asia. The business of this company in Asia has not yet experienced any negative impact from the lawsuit of the SEC.
XRP is now accounting for at least 2.55 of the total market cap in the cryptocurrency market.