Leading crypto tracking service Whale Alert has announced a series of large XRP transactions executed by two leading Korean exchanges: Bithumb and Coinone. In addition, the data shared by the analytics data provider Santiment shows that XRP address activity is increasing, which bodes well for the cryptocurrency associated with Ripple.
Bithumb and Coinone Crypto Exchanges Made Four XRP Transfers
According to the tweets from the aforementioned blockchain tracker on December 13, Bithumb and Coinone made four XRP transfers over the past day. Bithumb moved a total of 80,000,000, 20,000,000 and 12,000,000 XRP blocks – 112 million coins. Coinone transmitted 13,344,236 XRP.
All four transactions were carried out between the exchange’s internal wallets. Bitfinex had previously stated that Bithumb is part of the ODL channel, which Ripple has not officially announced.
Increasing XRP Address Activity is a Good Sign For Ripple
According to data from the analysis firm Santiment, the activity of addresses of XRP market participants from the end of October 2021 to today is quite high – much higher than the level when the pandemic hit the crypto market and the global economy in May last year.
In October, the number of active XRP addresses reached 147,000, but by December 12th it had dropped to 95,300. According to the Santiment chart shared by the main member of the XRP community, XRPcryptowolf, there were around 5,000 active XRP addresses as early as May 2020.
He stated that the increase in XRP address activity was absolutely a good sign:
“Market participants are quite actively carrying out #XRP transactions. Buzzing address activity is definitely a good sign. The current active address levels are way higher than what has ever been registered since May last year.”
At the time of writing, XRP ranks eighth on CoinMarketCap, trading for $0.8256.