Today, the spotlight is on XRP, a digital asset that has captured the attention of traders and enthusiasts alike. As the market witnesses a downturn in XRP prices, the intrigue deepens, and investors find themselves grappling with questions about the root causes of this unexpected decline.
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As the XRP price takes a dip, the shadow of whale activity looms large, casting uncertainty and concern among investors. On-Chain data shows whales have reshuffled huge amounts of XRP coins over the past 24 hours.
XRP whales move 200M coin amid the market dip
According to data from CoinMarketCap, the price of XRP stands at $0.6126, a 1.57% dip in the last 24 hours. Three whale moves sending tokens to CEX and unknown wallets drew major attention in the larger crypto markets in a series of transactions centered on Ripple’s native crypto.
Notably, the first whale transaction to catch the attention of crypto traders and investors alike today moved 90 million XRP from Ripple, a payment network and currency exchange, to an undisclosed wallet, rJqiMb94hy…W8AzELa8nE. At the time of writing, the transferred tokens totaled $55 million.
Another whale transaction that piqued the interest of crypto aficionados involved the transfer of 85 million XRP from an unknown wallet, rJqiMb94hy…W8AzELa8nE, to another unknown wallet, rP4X2hTa7A…7XZ63sKxv3. The transferred amount was estimated to be around $52 million.
Aside from the previously disclosed movement of tokens to unknown wallets, a major whale transferring XRP to a CEX drew market attention. The mysterious wallet, r4wf7enWPx…5XgwHh4Rzn, allegedly sent 25.50 million XRP to Bitstamp, a cryptocurrency exchange based in Luxembourg City.
As whale activity in the XRP cryptocurrency continues to grow, data points to a possible shift in the token’s market dynamics. Over the last seven days, the token’s value has dropped by 8.13%.
Ripple loses to Polkadot
According to a recent report from The Basel Committee on Banking Supervision (BCBS), Ripple has been overtaken by Polkadot. The Committee is a bank regulatory authority comprised of around 45 prominent institutions from around the world.
Their report accounted for crypto asset data from 19 banks, ten of which were from North America, seven from Europe, and three from other parts of the world. At present, these institutions have reported a total of $10.27 billion in crypto asset exposure.
Polkadot has somewhat higher exposure than Ripple, accounting for 2.1% of the total. Ripple, on the other hand, provided only 1.9% of the $10.27 billion in crypto exposure. This speaks to the adoption of not only crypto assets but also XRP among banks since these financial institutions remain wary.
Michael Barr, the Federal Reserve Vice Chairman for Supervision, spoke on the hazards of crypto to banks earlier this week, noting that most institutions are taking a rigorous and cautious approach when it comes to digital assets, sparing them from severe risks.
Ripple’s bull run was supposed to be sparked by the recent crypto bull rally. However, the rise may not last until broader market cues and macro-financial conditions turn bullish.
According to the data, XRP received $0.5 million in inflows, while Cardano (ADA) and Litecoin (LTC) received $0.8 million and $0.4 million, respectively. XRP’s institutional interest has soared as a result of Ripple’s legal victory against the SEC, all while the business has just expanded its banking capabilities to dozens more nations.