Amid the current market volatility in the cryptocurrency market, there has been a significant whale movement of the 7th crypto coin by Market capitalization, Ripple (XRP).
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 May.
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.
In the last week of May 2021, a transaction of 139 million XRP was traced to an anonymous whale address. The transaction was done from an unknown wallet after the coin surged above $1. It was also noticed that there has been a substantial increase in the activities of the network in the past few weeks.
According to Coinshares report, Ripple (XRP) has recorded an additional investment worth $7 million in the first week of June, this was the highest level of new investment since April 2021.
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.
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 percent in December 2020 due to 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 press time XRP is trading at $0.88 with a 7.10% gain in the last 24 hours.