XRP saw massive selling pressure during the latest crypto market correction as the digital asset lost nearly 50% of its value within one month. While the negative sentiment hampered the overall XRP activity on the network, the whale movements remained strong.
In two transactions executed on Monday 16 May, crypto whales moved almost 92 million XRP worth approximately $40 million to unknown wallets. In the first move, 42 million coins were moved from the crypto trading platform Bitstamp to an unknown wallet at around 22:28 UTC.
The second transaction witnessed the movement of 50.1 million XRP from Bitso. The transfer was executed at 22:30 UTC. The price of XRP has remained stable even after the recent large on-chain movements.
With a market cap of $20 billion, XRP is the 6th largest cryptocurrency in the world. The crypto asset is now trading at around $0.42, which is down by more than 15% within the last 7 days. In terms of weekly performance, XRP remained the worst-performing crypto asset among the top 10 during the last week.
Crypto Whales
XRP is not the only cryptocurrency witnessing large on-chain movements from whales. Bitcoin has also seen a surge in significant network transactions lately. In a transfer executed on 17 May at 16:53 UTC, someone moved 5,000 Bitcoin worth more than $150 million from Coinbase to Xapo.
Crypto analytics platform, Santiment recently highlighted a jump in BTC address activity. According to the platform, a large part of the dormant Bitcoin addresses has become active during the recent market correction.
“Bitcoin’ s idle addresses have become more active this past week, especially during what was a major capitulation dip last Thursday and Friday. Generally, when 'Age Consumed' spikes arise during price drops, it's related to weak hands exiting positions,” Santiment mentioned in a tweet.
