• 14 July, 2024
News

Large XRP Transfers to Leading Exchanges as XRP Gains Momentum

In recent developments, the cryptocurrency market has witnessed intriguing movements in XRP, the fifth-largest cryptocurrency by market capitalization. Anonymous wallet owners have executed substantial transfers of XRP tokens to major crypto exchanges, coinciding with a notable weekly rise in XRP’s price.

Two noteworthy transfers, each carrying 25,400,000 XRP tokens worth millions of U.S. dollars, have captured the attention of crypto enthusiasts. These transfers were made from anonymous wallets to two prominent exchanges: Bitstamp, based in the European Union, and Bitso, located in Mexico. 

Both Bitstamp and Bitso are well-known for their collaboration with Ripple, the fintech giant, to facilitate cross-border payments via the RippleNet network, utilizing XRP tokens. This partnership ensures swift and cost-effective money transfers in XRP, which are subsequently converted into local fiat currencies upon reaching the destination crypto exchange.

In another move, Ripple, in its ongoing effort to promote XRP’s presence in the cryptocurrency market, initiated the release of one billion XRP tokens from escrow as November commenced. This practice, which has been ongoing since early 2018, aims to bolster XRP’s liquidity on exchanges. Notably, these monthly releases occur on the first day of each month, typically followed by a significant portion of the newly unlocked XRP tokens being returned to escrow a day later. 

In the most recent instance, Ripple transferred a substantial 800 million XRP in two transactions of 400 million XRP each. At the current market rates, one billion XRP is valued at approximately $597,923,153 in fiat, while 800 million XRP amounts to approximately $478,338,522. Interestingly, such massive XRP transfers typically do not exert a significant impact on XRP’s price.

XRP’s recent performance in the cryptocurrency market has been noteworthy, with a notable weekly price surge of 10.15%. It is worth noting that this increase would have been even more substantial, reaching 14.69%, if not for a minor decline observed on Thursday during the same week.

However, today, the XRP token is trading in sideways motion, with a slight decrease of 0.55% in the last 24 hours, currently priced at $0.6033, according to CoinMarketCap. The current market capitalization of XRP stands at approximately $32 billion, ranking it fifth among all cryptocurrencies. However, the 24-hour trading volume for XRP is over $1.84 billion, indicating high levels of market activity and interest.

In summary, the cryptocurrency landscape has witnessed substantial XRP transfers to leading exchanges, accompanied by a significant weekly price increase. These developments highlight the ongoing evolution of XRP as a key player in the digital currency market, with Ripple’s efforts to enhance its liquidity and market presence playing a pivotal role in shaping its trajectory.

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