XRP whales have accelerated the movement of the world’s 7th most valuable cryptocurrency after a price jump of nearly 12% in the last 24 hours. A large XRP wallet has transferred $93 million worth of digital currency to an unknown wallet today.
According to the latest data published by Whale Alert, a blockchain tracking and crypto analytics platform, XRP address moved 61.99 million coins to an unknown wallet on 18 May at 00:17 UTC. The latest movement came after a crypto wallet executed a transaction of 25 million XRP worth over $38 million from cryptocurrency exchange Bittrex to a digital wallet on 17 May 2021.
XRP price saw a volatile last week as the price of the cryptocurrency touched a low of approximately $1.25 on 13 May. The digital currency has seen a spike of more than 15% in the last 2 days. As of writing, the digital asset is trading near $1.53 with a market cap of more than $53 billion. XRP is the 7th largest cryptocurrency in the world, just behind stable coin Tether (USDT) in terms of market cap.
Growing Popularity of XRP
Earlier this month, Ripple, a San Francisco-based blockchain company, released its quarterly markets report and highlighted a surge in XRP sales during the first three months of 2021. The cryptocurrency is also getting popular among institutional investors as XRP investment products attracted $33 million worth of institutional inflows during the second week of April 2021. In March this year, Ripple published a whitepaper on the central bank digital currencies (CBDCs) and termed XRP as a bridge currency for CBDCs. The company announced to support central banks through a private version of XRPL. During a recent interview with Reuters, Ripple CEO Brad Garlinghouse said that Ripple is growing in Asia and the company’s Asia business has not experienced any negative impact of the SEC’s lawsuit.
XRP now accounts for nearly 2.5% of the total market cap of the cryptocurrency market.