XRP Whale Address Transfers $56 Million Worth of Cryptocurrency

The digital asset crossed the price level of $1.20 on Wednesday.

XRP, the world’s 6th largest cryptocurrency, has gained significant retail and institutional interest in the last few months. As a result, the price of the digital asset jumped from $0.22 on 1 January 2021 to as high as $1.95 on 14 April 2021. Despite the market correction in June and July, the cryptocurrency is still trading near $1.20.

One of the biggest reasons behind the recent recovery of XRP is its network activity. XRP whale addresses are on the move again to take advantage of the recent price surge. According to Whale Alert, on-chain analytics and blockchain tracking firm, a leading XRP whale address moved more than 48 million coins worth approximately $56 million to an unknown wallet on Wednesday 1 September 2021.

The mentioned transaction was recorded on Bithomp.com at 00:31 UTC. The latest transaction came nearly one month after two leading XRP accounts transferred nearly 124 million coins in two separate transactions. In June 2021, a well-known XRP address moved 176 million coins from an unknown wallet. In its latest quarterly report, Ripple, the San Francisco-based blockchain company, highlighted a surge in XRP whale accounts.

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Market Cap of XRP

XRP saw substantial gains in its market cap during the last 4 weeks. The overall market cap of the world’s 6th largest digital asset jumped above $40 billion on 11 August after Global Money Express (GME) joined RippleNet, the global financial network of blockchain firm, Ripple. On 15 August 2021, the cryptocurrency briefly crossed the market cap of stable coin Tether (USDT). The current market cap of XRP stands at around $55 billion. USDT has a market cap of more than $65 billion.

The latest rally in altcoins has accelerated the retail interest in XRP. In addition to the recent whale movements, the overall trading volumes of digital currency have increased significantly in the last 4 weeks.

The world’s top 5 digital currencies include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) and Tether (USDT).

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