The movement of XRP across the network has surged in the last few days. Whale Alert revealed that about 150 million XRP coins were transferred in three different transactions yesterday.
The first transfer was a transaction of $13 million, which involves 40 million XRP. In the second transfer, 47 million coins were moved from Bitstamp to an unknown wallet.
In the third transaction, which represents the largest of them, 68.7 million XRP coins were moved to an unknown digital wallet from Bitso. The total value of the three transactions is worth $23.6 million at the time of writing. XRP-based investment products also saw a sight inflow in the digital asset weekly fund report.
XRP has seen a 1% increase in price over the past 24 hours as a leading XRP address moved 68.7 million coins. But when it comes to weekly performance, the digital asset witnessed a slight decrease of 2%. This is, however, far less than the 5% decline in Bitcoin and a 10% drop in Ethereum in the same period.
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The Crypto Market Is Still Busy, Despite The Harsh Winter
The adoption of cryptocurrency assets has increased over the past few months, despite the bear market. Major assets like BTC, ETH, and XRP have seen an increase in demand and transactions.
The adoption of a crypto asset is also increasing in several regions. In South Africa, the Prudential Authority of the Reserve Bank of England is encouraging banks to continue working with crypto firms.
The government has been actively supporting the activities of crypto firms in the country but wants to strengthen the regulatory structure in the country.
In the past, unclear regulations have made some South African banks cut ties with crypto firms. Many f them are afraid of the risks in the crypto business. However, the Reserve Bank has warned that completely cutting ties may cause more damage to their ability to fight money laundering issues.
At the time of writing, XRP’s market share stands at $16.6 billion, which is slightly less than the $19 billion market cap for BUSD.
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Source: https://insidebitcoins.com/news/68-7-million-xrp-coins-transferred-from-bitso-to-an-unknown-wallet