Selling pressure, negative sentiment and a sharp surge in volatility, XRP has faced several challenges in the last 4 weeks. While the crypto market correction caused a massive plunge in the prices of leading digital currencies, XRP has fought hard to maintain its position in the top 10.
XRP millionaires, addresses holding at least 2 million coins, have enhanced their transfer activity during the bearish market of 2022. The data posted by Whale Alert, a prominent blockchain tracking and crypto analytics firm, highlighted a transaction worth $56 million involving the movement of 90 million XRP coins from a digital address to the crypto exchange, Bithumb.
The transaction was executed on 26 January at 6:10 UTC. The transfer, which was recorded on Bithomp.com, represents one of the biggest on-chain movements of the digital asset in the past 3 days. Yesterday, a crypto whale moved 20 million XRP coins worth more than $12 million from Bithumb to an unknown wallet.
Similar to other digital currencies, XRP suffered huge losses during the first three weeks of 2022. However, the crypto asset spiked by approximately 5% yesterday. In the past 7 days, the price of XRP has dropped by 16%, compared to a plunge of more than 30% in Solana and nearly 26% in Cardano.
Ripple’s Crypto Report
On Monday, Ripple published a report on the current state of the global crypto ecosystem and highlighted the growing popularity of blockchain, NFTs and CBDCs.
“While the sudden and remarkable explosion of non-fungible tokens (NFTs) in 2021 showcased yet another mainstream application for blockchain, the past year in crypto was largely marked by consistent growth and maturation in conversation around new use cases and benefits of blockchain and crypto. The emergence of new Central Bank Digital Currency (CBDC) projects, deepening policy and regulatory discussions and a wider embrace of crypto by traditional financial institutions all signaled the technology’s continued growth within mainstream finance,” the report noted.
