The network activity of XRP saw a sharp increase last week after millionaire XRP accounts started moving the world’s 7th most valuable digital asset from crypto wallets to exchanges. Whale Alert, one of the prominent blockchain tracking firms, recently highlighted a transaction worth $20.3 million that involved the movement of 20 million XRP coins.
According to the details of the transfer, a leading XRP account moved 20 million coins from an unknown wallet to the cryptocurrency exchange, Bitso. The mentioned transfer was executed on Friday 1 October at 16:30 UTC. XRP is currently trading near $1.03, which is up by approximately 7% in the last week. The total market cap of the digital asset currently stands at around $48 billion.
In a separate transfer, an XRP millionaire wallet executed a transaction worth $10.2 million on 1 October 2021. According to the details, the crypto whale moved 10 million coins from an unknown wallet to the digital exchange, Bitstamp.
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The recent jump in large XRP transfers came after a significant spike in its demand. Last week, Rosie Rios, former Treasurer of the US, highlighted the growing adoption and demand for the world’s 7th largest crypto asset and mentioned that XRP supports cross-border payments.
Ripple’s Partnerships and XRP
Ripple, one of the leading global blockchain firms, announced several partnerships this year to increase the adoption of XRP. Last week, the company introduced a $250 million creator fund to support NFTs on the XRPL. Additionally, in September 2021, the blockchain firm partnered with Bhutan’s central bank to facilitate the bank through its CBDC solution. In August 2021, Global Money Express (GME Remittance) announced that the company joined RippleNet, the global financial network of blockchain firm, Ripple.
Despite the recent dip in September, the price of XRP has stayed above $1. With gains of approximately 400% in 2021, the cryptocurrency has fallen behind other digital assets like Solana (SOL) and Cardano (ADA), but its institutional adoption has jumped substantially since the start of 2021.