XRP Whale Transactions Continue to Increase Despite the Bearish Market

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XRP Whale Transactions Continue to Increase Despite the Bearish Market
XRP Whale Transactions Continue to Increase Despite the Bearish Market

XRP is one of the most valuable digital currencies globally, and its whale trading volume has increased in the past few days. Whale Alert, a leading blockchain tracking company, recently highlighted two famous XRP transfers with more than 124 million coins.

Whales Transfer 124.3 Million XRP Today

On July 19, 2021, a leading XRP address transferred 84.3 million coins to an unknown wallet at 4:26 UTC. The total value of the above transactions is approximately $50 million. The transaction is recorded on Bithomp.com.

In a separate transfer, around 40 million XRP coins worth more than 23 million dollars were transferred from the crypto wallet to the digital exchange Binance. The transaction was highlighted on Saturday, July 17th at 12:08 pm UTC.

XRP is currently the sixth-largest cryptocurrency in the world. Digital assets are more valuable than Dogecoin (DOGE), Polkadot (DOT), and Bitcoin Cash (BCH). Last week, the price of XRP was hit hard, losing nearly 10% of its value. Currently, the transaction price for digital assets is close to $0.58 and the market value exceeds $27 billion.

XRP Whales account and Inflow of Institutional Investors

Since the beginning of 2021, the whale activity of XRP has been increasing due to sharp price increases. In May 2021, a crypto address transferred 139 million coins to an unknown digital wallet. A similar transfer was recorded in June 2021 when a crypto wallet transferred 176 million coins. 

In addition to large-volume transactions, the institutional inflow of XRP investment products has also increased significantly this year. According to the weekly Digital Asset Flow Report published by crypto asset management company CoinShares in June 2021, the popularity of XRP among institutional investors rose in the last week of May.

“Investment product flows indicate that altcoins remain popular, with inflows into all altcoin investment products. The data suggests proof-of-stake coins remain the most popular with inflows into Cardano (ADA), Polkadot and XRP of US$5.2 million, US$3.8 million and US$4.5 million, respectively,” crypto asset management company CoinShares mentioned in the report.