The XRP network witnessed a major transfer on Thursday after a whale address moved almost $51 million worth of XRP coins from digital exchange Bithumb to an unknown wallet. The data published by Whale Alert, a blockchain tracking and analytics platform, showed that 150 million coins were moved on 16 June at around 00:56 UTC.
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In a different transaction on 17 June, a prominent crypto address moved 60 million XRP from an unknown wallet to crypto exchange Bitso. The total value of the transfer stood at around $19 million.
With a market cap of approximately $16 billion, XRP is the 8th most valuable cryptocurrency in the world. The digital asset has spiked by almost 5% in the past 24 hours, making it one of the biggest gainers since yesterday.
In the last 7 days, XRP has dropped in value by nearly 18%. On the other hand, the Bitcoin price has crashed 30%, and Ethereum has lost nearly 40% of its value within the past week.
XRP Markets Report
In the first week of May 2022, Ripple published its quarterly XRP Markets Report. The report highlighted the growing popularity of RippleNet and XRPL among institutions around the world.
“Since the launch of the Creator Fund, Ripple has received over 4,000 applicants for NFT projects across gaming, metaverses, entertainment, art and more for NFTs on the XRPL. The XRPL has some inherent advantages for tokenized assets such as low-cost efficiency (near 0 fees to mint), no smart contract requirements for basic functionality, and was the first major blockchain to be carbon-neutral,” Ripple noted in its report.
“The XRPL saw key cross-bridge integrations with Multichain and Allbridge, both of which allow XRP holders to move their XRP to 12 different blockchains, including Avalanche, Fantom and Solana, as well as move the top coins from these chains onto the XRPL,” the company added.