Despite a plunge in overall crypto whale movements, XRP whales have accelerated the transfers from trading platforms and digital wallets. A notable transfer was observed by on-chain analytics platform Whale Alert on 16 March when a crypto millionaire moved 35 million XRP worth almost $27 million from FTX to an unknown wallet.
The transaction was executed at 18:09 UTC. In a separate transfer, a crypto millionaire address moved 40 million XRP worth over $30 million from an unknown wallet to Bitso. The mentioned transfer was executed on 16 March.
The total number of XRP millionaire addresses has climbed substantially in the past few years. According to the recent data by Santiment, 336 XRP addresses now hold at least 10 million coins. In addition, top addresses have increased their accumulation since the start of 2022.
There have been some significant crypto moves in the last few weeks. However, in comparison to the same period in 2021, large transfers have decreased. A prominent crypto transfer was executed in January 2022 when someone moved 90 million XRP coins to Bithumb.
XRP Price and Crypto Market
Just like other digital assets, the price of XRP has struggled since November 2021. While the crypto asset saw small rallies in between, the price trend has been downwards since the start of 2022. With a market cap of $38 billion, XRP is the 6th largest digital currency in the world.
Furthermore, XRPL gained traction among financial institutions around the world. In the latest report, Ripple highlighted its growing use. “Q4 saw heightened interest in launching NFTs on the XRPL as projects issued IOUs on the XRPL that would later be redeemed for NFTs. With the release of XLS-20d on NFT-Devnet in January 2022, a standard that provides access to XRPL-native NFT capabilities, developers have an accessible and reliable environment to experiment with NFTs on the XRP Ledger,” Ripple mentioned in its report.
