Wealthy investors seem to be upping their game, amid the strong bullish trend sighted regarding moving XRP, the sixth most valuable crypto by market value, as seen by Nairametrics.
Large entities of late have increased the pace at which such huge transfers are made, as seen via Whale Alert, with about 178.9 million XRP transferred by an investor some hours ago, hinting that there might be more than meets the eye.
“178,892,712 XRP ($99,292,179 ) transferred from Unknown wallet to Unknown wallet,” said Whale Alert.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 178,892,712 #XRP (99,292,179 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) February 15, 2021
At the time of drafting this report, XRP traded at $0.556737 with a daily trading volume of $11 Billion. XRP is down 6.35% for the day.
What this means
Many crypto experts are of the opinion that the movement of such cryptos are coming from major players within the ripple ecosystem, on the bias that such wallets contain a significant amount of XRP.
- Meanwhile, in the past couple of weeks, crypto bears have been clawing hard on XRP, amid a legal suit filed against it by a powerful financial regulator in the U.S.
- Ripple and its top executives were accused by the U.S. Securities regulators of deceiving crypto investors about the status of XRP, and selling over $1 billion of the crypto assets without approval from the U.S. Securities and Exchange Commission.
What you must know
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The currency traded is known as XRP and transfer times are super-fast.
Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.