XRP, the world’s 7th largest cryptocurrency, is currently recovering from the latest correction. The price of the digital asset jumped by nearly 6% in the last 24 hours as the overall market cap of cryptocurrencies increased by more than $100 billion within a single day.
XRP millionaires are on the move with the execution of large transactions. Whale Alert, the blockchain tracking and analytics platform, highlighted a recent transfer worth approximately $18 million from cryptocurrency exchange Binance to a digital wallet.
According to Whale Alert, a leading XRP account moved 26 million coins from Binance to a crypto wallet on Thursday 24 June at 17:00 UTC. The mentioned transaction was recorded on Bithomp.
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The latest transfer was executed around 2 weeks after a leading crypto whale account moved 176 million XRP worth nearly $146 million on 12 June to a digital wallet.
Despite the recent correction in the price of the world’s 7th most valuable digital asset, whale XRP transactions are surging. Additionally, the total number of XRP whales has increased substantially during the last few months. According to the latest Q1 of 2021 Markets report published by the San Francisco-based blockchain firm Ripple, XRP accumulation increased rapidly during the first three months of 2021.
“The number of ‘whale’ wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M coins increased from 1,125 to 1,196,” Ripple mentioned in the report.
XRP and Institutional Inflows
Since April 2021, XRP has remained one of the most popular crypto assets among institutional investors. According to a recent digital asset fund flows report published by CoinShares, XRP attracted a substantial amount from institutional investors due to its significant price surge in the past few weeks. The cryptocurrency touched its highest level in more than three years in April 2021 when its price crossed $1.90. Since then, the digital asset has seen a gradual decline due to the negative crypto market sentiment.