Large XRP Addresses Move More than 150 Million Coins

XRP witnessed a marginal price surge of 1% in the past 24 hours. In terms of weekly performance, the digital asset was down by almost 2%, compared to a dip of approximately 10% in ETH and over 5% in Bitcoin. The movement of XRP coins across the network has increased in the last few days.

According to Whale Alert, over 150 million XRP coins were moved in three separate transactions yesterday. In the first transfer, a transaction worth $13 million involving the movement of 40 million XRP was executed at 21:48 UTC.

The second major transaction involved the movement of 47 million coins from Bitstamp to an unknown wallet. The third transaction was the largest among the mentioned ones. Almost 68.7 million XRP coins were transferred from Bitso to an unknown digital wallet on 26 August. The total value of the transfer stood at $23.6 million.

In the latest digital asset weekly fund flows report, XRP-related investment products witnessed marginal inflows.

Crypto Adoption

Despite a major correction across the crypto market, the adoption of digital assets, including BTC, ETH and XRP has increased in the past few months.

“Crypto adoption is progressing in South Africa, as the Prudential Authority of the Reserve Bank of South Africa has sent out guidelines which encourage banks not to cut all ties with cryptocurrency. Previously, unclear regulations have resulted in some South African banks cutting ties with crypto asset service providers (CASPs), but the recent guidelines suggest that cutting ties could cause greater risk in the long run. This is because it would limit the ability to deal with money laundering and could be a threat to general financial integrity,” Marcus Sotiriou, an Analyst at GlobalBlock, said.

XRP’s current market cap stands at around $16.6 billion, just behind BUSD’s $19 billion market cap.