90 Million XRP Coins Move from Unknown Wallet to Bitstamp

Similar to other digital currencies, XRP is going through a major correction amid a drop in retail and institutional crypto demand. However, large XRP transactions have spiked since the start of April 2022.

While most of the transfers resulted in the movement of XRP coins away from exchanges, some crypto whales have started sending large amounts to leading crypto trading platforms. One of the mentioned transfers was observed recently by Whale Alert. On Friday 15 April 2022, a crypto whale account sent 90 million XRP coins to Bitstamp.

The transfer, which was executed at 9:41 UTC, had a total value of approximately $70 million. Earlier this month, a prominent crypto wallet moved 40 million XRP worth $32 million to Bitstamp. In March, Whale Alert highlighted a transfer of 35 million XRP from FTX to a crypto wallet.

The latest surge in whale XRP transactions had an impact on its price. In the past 7 days, the digital asset dropped by just 1%, compared to a dip of more than 8% in Bitcoin.

Crypto Market

The crypto market saw a massive correction in December 2021 and January 2022. After touching an all-time high market cap of almost $3 trillion in November 2021, the overall value of digital assets decreased by almost 50% in the following months. After a marginal recovery during the first two weeks of April 2022, the crypto market cap dropped by nearly $100 billion during the recent weekend.

“Bitcoin and Ethereum have each dropped 7% in the past week as we continue monitoring for upcoming bounce signs. There are a few capitulation signs forming, such as traders selling at a loss. Whale behavior will play a pivotal role this upcoming week,” crypto analytics platform Santiment noted.

In March 2022, Ripple announced its plan to accelerate XRPL development.