XRP whale addresses have started moving the world’s 7th most valuable digital currency amid market volatility. According to the latest data published by blockchain tracking and analytics firm, Whale Alert, a leading XRP wallet transferred 176 million coins worth approximately $146 million on Saturday 12 June.
The mentioned transaction was executed at around 15:44 UTC, and it was recorded on Bithomp.com. The recent transfer of the XRP whale from an unknown wallet is one of the largest moves since the start of this month.
During the last week of May 2021, an anonymous whale address moved 139 million XRP coins from an unknown wallet after the price of the cryptocurrency jumped above $1. The network activity of XRP has increased substantially in the last few weeks.
According to the latest digital asset fund inflows report published by the crypto asset manager, CoinShares, XRP investment products attracted nearly $7 million worth of investments in the first week of June 2021, the highest level since April 2021.
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In May 2021, Ripple, San Francisco-based blockchain firm, announced that the company is planning to support NFTs on XRP Ledger (XRPL). In addition, the company highlighted the significant advantages of XRPL over other platforms in the growing market of NFTs.
Price Action of XRP
The world’s 7th largest cryptocurrency has seen immense volatility since the start of 2021. XRP started this year at a price level of approximately $0.22 after a crash of nearly 60% in December 2020 because of the SEC’s lawsuit against Ripple. In April 2021, the digital currency saw significant interest from retail and institutional investors as its price touched an all-time high of approximately $1.92. After registering the record price level, XRP price experienced a dip in May 2021 as the digital asset reached a low of $0.69 on 23 May.
As of writing, XRP is trading near $0.87 with a market cap of more than $40 billion. The current market dominance of the digital asset stands at around 2.5%.