Crypto whales are now shifting millions in XRP cause its utilization
Crypto whales are now transferring millions of XRP after moving enormous amounts of Bitcoin and Ethereum over the weekend. Whale Alert reports that there have been four significant XRP transactions worth a combined $126 million during the past 24 hours.
A total of 205,500,000 XRP worth $81.7 million were transferred in the single biggest transaction. The last whale transfers transported XRP to and from various cryptocurrency exchanges, which may indicate that major investors purchased and sold the digital asset in substantial quantities.
Here are some more recent significant XRP price movements.
- Bitso transferred 40,000,000 XRP worth $15.9 million to an unknown wallet.
- Transfer of 41,000,000 XRP valued at $16.2 million from an unidentified wallet to Bitstamp
- Binance transferred 32,043,479 XRP worth $13.0 million to an unidentified wallet.
Matt Hamilton, a former director of developer relations at Ripple, addressed some myths about the cryptocurrency company’s use of XRP. Following a claim by one of his followers that XRP was being used by RippleNet, which led to misunderstandings about the cryptocurrency’s value, Hamilton explained.
The crypto developer began by clarifying that RippleNet does not utilize XRP. RippleNet is a different network from XRP Ledger, which serves as the habitat for XRP. However, Hamilton explains that even if RippleNet does not use XRP, there is an indirect path through on-demand liquidity (ODL), which sends bitcoin via XRPL.
The developer claims that since there is supply and demand, XRP’s price would fluctuate if transfers were performed solely through RippleNet. However, neither of those things applies to XRP, nor is there a difference between the public and private prices, the latter of which, contrary to previously disproved myths, represents the value of the cryptocurrency in Ripple networks.
Let’s focus on XRP’s only price now that it is even more obvious that there is no private or public quote. Early 2023’s crypto market boom has not left any of its assets without a significant increase in value. Even while XRP has increased 20% year to date, it still lags behind the other leading cryptocurrencies.
At the time of writing, XRP is changing hands at $0.39.
XRP/USD 4-hour chart | Source: TradingView
A more promising scenario for the future of XRP is one where the price remains over $0.38. However, it is evident that the continuing legal probe into Ripple has scared away investors and kept the price from reaching its maximum potential.
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