Large XRP Transactions Are Surging
XRP, one of the world’s most valuable digital currencies, saw an uptick in its whale transactions during the last few days. Whale Alert, a leading blockchain tracking firm, recently highlighted two prominent XRP transfers involving more than 124 million coins.
On 19 July 2021, a leading XRP address moved 84.3 million coins to an unknown wallet at 4:26 UTC. The total value of the mentioned transaction stands at around $50 million. The transaction was recorded on Bithomp.com.
In a separate transfer, around 40 million XRP coins worth over $23 million were moved from a crypto wallet to the digital exchange Binance. The transaction was highlighted on Saturday 17 July at 12:08 UTC.
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XRP is currently the 6th largest cryptocurrency in the world. The digital asset is more valuable than Dogecoin (DOGE), Polkadot (DOT) and Bitcoin Cash (BCH). In the last week, the price of XRP took a major hit and lost nearly 10% of its value. Currently, the digital asset is trading near $0.58 with a market cap of more than $27 billion.
XRP Whale Accounts and Institutional Inflows
XRP’s whale activity has been on the rise since the start of 2021 amid a substantial price jump. 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. Apart from the large transactions, XRP investment products saw a significant jump in institutional inflows this year. According to the weekly digital asset fund flows report published by crypto asset management firm CoinShares in June 2021, XRP’s popularity among institutional investors spiked in the last week of May.
“Investment product flows indicate that altcoins remain popular, with inflows into all altcoin investment products. The data suggests proof-of-stake coins remain the most popular with inflows into Cardano (ADA), Polkadot and XRP of US$5.2 million, US$3.8 million and US$4.5 million, respectively,” crypto asset management firm CoinShares mentioned in that report.