XRP transactions on the rise as $146 million transferred to unknown account

$146 million of XRP has been moved to an unknown wallet in June 2021, which is the leading XRP account. The transactions are increasing despite the recent correction in the prices of the crypto.

The seventh largest cryptocurrency in the world, XRP has jumped nearly 6% in the past 24 hours. The currency is recovering from the latest correction. The overall market cap of cryptocurrencies surged over $100 billion in a single day. 

Report by Whale Alert

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There have been reports of the execution of large transactions by the XRP millionaires. The blockchain tracking analytics platform, Whale Alert has recently found out a recent transfer of $18 million from cryptocurrency exchange Binance to a digital wallet has come to light. 

As per Whale Alert, a leading XRP account had transferred 26 million coins from Binance to a crypto wallet. This transaction was made on Bithomp on 24 June. Just after two weeks, the latest transfer was also executed. 176 million XRP amounting to $146 million was made by a known crypto whale on 12 June to a digital wallet.

Surging transactions

The transactions are increasing despite the recent correction in the price of the XRP, which is the world’s seventh-largest cryptocurrency. The total number of XRP whales has surged unexpectedly in the last few months. 

Ripple, the San Francisco based blockchain firm in its Q1 report has mentioned that XRP accumulation has surged extremely in the first three months of 2021. These Whale wallets had finances of more than 10 million XRP at least. It has gone up from 308 to 319. 

According to Ripple’s report, the wallets holding coins between 1M to 10M, increased from 1,125 to 1,196.

Institutional investors eyeing XRP

XRP has been the most popular crypto asset among institutional investors since the beginning of April 2021. As per CoinShare’s recent digital asset fund flows report, XRP has got a significant share of the amount from institutional investors. This has happened due to the price surge in the past few weeks. 

In April 2021, the price had crossed $1.90. This is the cryptocurrency’s highest level recorded in more than three years in April 2021

Due to the negative sentiments of the traders in the crypto market, the digital asset saw a decline in the prices.

SEC bombshell on XRP

Last year the US Securities and Exchange Commission (SEC) sued the founder and CEO of the Ripple technology company. More than $1.3 billion were raised by the company through an unregistered securities offering after selling the XRP, cryptocurrency from Ripple. The value of XRP crashed to 40 percent, reasons, the SEC interference in the working of the Ripple.

As per the complaint filed by SEC, XRP is not a currency. It is a security measure. The lawsuit filed by SEC also claimed that Christian Larsen, former CEO and Founder of Ripple and Bradley Garlinghouse, current CEO, have been charged for violating the law. They were charged for dealing in XRP over a seven year period starting in 2013.

Demeaning all the acquisitions filed by SEC, Ripple in the blog has cleared the air and said that XRP is a currency like bitcoin and Ethereum. One of  the third biggest digital currencies, this crypto trades in billions of dollars each day. It is an investment and not a liability. 

Ripple said that the SEC is wrong with the facts with the law and the facts. The company will definitely come through this and will prevail this upside down. Other US securities like the US Justice Department and Treasury Department FinCen have already termed XRP as the currency. The SEC has been interfering in the operations of digital currency for a long time now and it is not the first time that the authorities  have tried to go beyond its statutory authority.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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