90 million coins are transferred to Bithumb from an XRP address

Selling pressure, negative sentiment, and a sharp increase in volatility, XRP has faced several challenges in the last 4 weeks. While the crypto market correction caused a massive drop in the prices of major digital currencies, XRP struggled hard to maintain its position in the top 10.

XRP millionaires, addresses holding at least 2 million coins, have enhanced their transfer activity during the 2022 bear market. Data published by Whale Alert, leading cryptocurrency analytics and blockchain monitoring firm, highlighted a $56 million worth transaction involving the movement of 90 million XRP coins from a digital address to the Bithumb crypto exchange.

The transaction was executed on January 26 at 06:10 UTC. The transfer, which was recorded on Bithomp.com, represents one of the biggest on-chain moves of the digital asset in the past 3 days. Yesterday, a crypto whale moved 20 million XRP coins worth over $12 million from Bithumb to an unknown wallet.

Like other digital currencies, XRP suffered heavy losses during the first three weeks of 2022. However, the crypto asset surged roughly 5% yesterday. In the last 7 days, the price of XRP fell by 16%, compared to a drop of more than 30% in Solarium and almost 26% in Cardano.

Ripple crypto report

On Monday, Ripple released a report on the current state of the global crypto ecosystem and highlighted the growing popularity of blockchain, NFTs, and CBDCs.

“While the sudden and notable explosion of non-fungible tokens (NFTs) in 2021 showcased another mainstream application for blockchain, the past year in crypto was largely marked by steady growth and maturation in the conversation around new use cases and benefits of blockchain and crypto. . The emergence of new central bank digital currency (CBDC) projects, the deepening of policy and regulatory debates, and the broader adoption of cryptocurrencies by traditional financial institutions signaled the continued growth of the technology within the conventional finance,” the report noted.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their research.

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