Today, the seventh-largest cryptocurrency by market capitalization, XRP, climbed above $ 1.07 for the first time since May 21. Activity on the Ripple network has also grown significantly due to the sharp rise in cryptocurrency market volatility.
Cryptokit moved 139.3 million coins to an unknown wallet on Tuesday May 25, according to the latest data released by Whale Alert.
Similar to the movement of bitcoin whales, the total number of transactions from large XRP accounts has increased significantly in recent days. Last week, a leading XRP wallet transferred $ 93 million worth of cryptocurrency to an unknown address.
XRP price has been volatile for a month, dropping from a high of $ 1.70 on May 6 to a low of around $ 0.67 on May 23. Since the beginning of this week, the price has stabilized above $ 0.90. At the time of writing, the digital currency is trading above $ 1.03 with a market cap of $ 43 billion.
In May, Ripple released its quarterly market report and noted a sharp rise in the number of whale addresses during the first three months of 2021:
The data shows that the first quarter of 2021 was the XRP accumulation period. The number of whale wallets, defined as wallets with a balance of at least 10 million XRP, increased from 308 to 319. Similarly, the number of wallets containing between 1 and 10 million coins increased from 1125 to 1196.
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