XRP, the world’s seventh most valuable cryptocurrency, is presently rebounding after the most recent correction.
The digital asset’s price climbed by over 6% in the previous 24 hours, while the crypto market value rose by more than $100 billion in one day. There has been a notable number of large transfers by XRP millionaires recently.
Whale Alert, a blockchain monitoring and analytics tool, revealed a significant $18 million movement from cryptocurrency exchange Binance to a digital wallet recently.
Around 17:00 UTC on Thursday, June 24th, a major account transferred 26 million coins from Binance to a crypto wallet. Bithomp documented the aforementioned transaction, According to Whale Alert. The most recent transfer occurred almost two weeks after a major crypto whale account transferred 176 million XRP worth roughly $146 million to a digital wallet on June 12th.
Despite the current drop in the price of the world’s seventh most valuable virtual currency, whale XRP transactions remain on the rise. Furthermore, the total amount of XRP whales has risen significantly in recent months. According to Ripple’s newest Q1 of 2021 Markets report, accumulation rose substantially throughout the first 3 months of 2021.
“The number of ‘whale’ wallets grew from 308 to 319. Likewise, the amount of wallets holding 1 million to 10 million coins grew from 1,125 to 1,196, according to Ripple’s study.
XRP has been one of the most popular crypto currencies for institutional investors since April 2021. According to a new digital asset fund flows analysis issued by CoinShares, XRP drew a sizable amount from institutional investors as a result of its recent price increase.
In April 2021, the cryptocurrency reached its highest level in more than three years, crossing $1.90. Because of the unfavorable crypto market attitude, the digital asset has gradually declined since then.