XRP, the world’s 6th largest cryptocurrency, jumped above $1.07 today for the first time since 21 May after a spike of nearly 6% in the last 24 hours. Additionally, XRP’s on-chain activity has increased significantly due to a surge in crypto market volatility.
According to the latest data published by Whale Alert, a well-known blockchain tracking and analytics firm, an XRP whale address moved 139.3 million coins to an unknown wallet on Tuesday 25 May amid the latest dip in the price of XRP. The transaction was recorded at 11:25 UTC.
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Similar to Bitcoin whale movements, the total number of transactions from large XRP accounts has increased substantially in the last few days. Last week, a leading XRP wallet transferred $93 million worth of cryptocurrency to an unknown address.
The XRP price saw a volatile month as the price of the world’s 6th most valuable digital currency dropped from a high of $1.70 on 6 May to a low of nearly $0.67 on 23 May. Since the start of this week, the price has stabilized above $0.90. As of writing, the digital currency is trading above $1.05 with a market cap of nearly $50 billion.
Earlier this month, Ripple, the San Francisco-based blockchain company, released its latest quarterly Markets Report and highlighted a surge in the numbers of whale addresses during the first three months of 2021.
“Data indicates that Q1 2021 was a quarter of XRP accumulation. The number of ‘whale’ wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M coins increased from 1,125 to 1,196,” Ripple mentioned in the latest report.
In March 2021, Ripple announced that the company is planning to test a private version of the XRPL to support global central banks in the issuance and management of the central bank digital currencies (CBDCs). Furthermore, the company termed XRP as a bridge currency for CBDCs.