Major crypto whale moves XRP worth $160 million amid market downturn
Cryptocurrency whales are on the move again. Blockchain watchdog, Whale Alert notified that Kraken Exchange, a Digital Currency Exchange, transferred roughly $161.2 million worth of XRP to an unidentified wallet.
The deposit of XRP worth 500 million is the greatest sum received by the address since a contribution of XRP worth 300 million from Kraken in November 2021, according to on-chain statistics of the recipient wallet.
Since then, the wallet address has only been used to record transactions involving sums of one XRP or less.
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XRP at on 2nd September traded at $0.33. The seventh most valuable Cryptocurrency is down over 4% over the week.
The significant whale transaction was made just days after analytics company Santiment disclosed that XRP tokens whale transactions had risen to a three-month high. On-chain XRP transactions worth more than $100,000 have reportedly surpassed levels last seen in May 2022. Additionally, the analytics tool revealed that investor sentiment for XRP had reached a four-month high.
- Over the past few years, Cryptocurrency Exchange Ripple has collaborated with numerous banking and financial institutions around the world to offer its crypto-powered financial services.
- This will make it possible for improved payment modes. The introduction of XRP-powered payments in Brazil is the most recent. Even while Ripple Exchange is working hard to grow its uses globally, the price movement of XRP does not reflect such changes.
- As a result of the collaboration, Travelex is now the first bank in Latin America to use the On-Demand Liquidity (ODL) protocol of RippleNet.
Additionally, Ripple is CEO recently stated that his firm is focusing on Central Bank Digital Currency (CBDCs) as the fiat currencies of the future. While these events were happening, the price of XRP fell went down, and the current scenario for XRP points towards tougher times ahead.
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