The cryptocurrency market has seen its fair share of ups and downs with the prices at the moment, staying on a downward trend. Major cryptocurrencies like Bitcoin, Ethereum and Ripple’s XRP all shared similar patterns on the price chart with the bear reigning supreme across spectrums.
XRP, the third-largest cryptocurrency, which was supposed to shoot up in value with an increase in the market volume has been particularly affected after a 12 percent reduction in the value over the past seven days. Despite this price crash, investors and holders still seem to believe in the native cryptocurrency of Ripple. And now, the latest data showed that massive amounts of XRP tokens were moved across platforms.
According to XRPL Monitor, an XRP data aggregator, 15 million XRP was moved between two Bitstamp wallets. The sender Bitstamp wallet had a balance of 1.209 billion XRP while the receiver wallet had a surplus of 15.344 million XRP.
The transaction ID for this particular transaction was 68955DAC8A48798552EF86D946F136F111CDD5F39B15100CC353EA86343463F3 with the process taking place at a menial fee of 0.01 XRP. The massive movement caught the eye of several members of the community with many claiming that the transfer was indicative of the power that XRP and Ripple holds.
Even though XRP has been successful at transferring such amounts at meager rates, it still did not change the fact that the overall price of the cryptocurrency kept diminishing.
At the time of writing, XRP was trading for $0.24 with a total market cap of $10.35 billion. The asset also held a 24-hour trading volume of $1.02 billion after tumbling in terms of price in the 1 hour, 24 hours, and weekly time frames.
Ripple supporters have vehemently claimed that the cryptocurrency will be on the rise once new developments come into the picture and Xpring’s latest acquisition of the Logos Network seems to be one such move. Ethan Beard, the Senior Vice President of Xpring, had stated:
“We’re still at the early stage of figuring this out. We’ve made investments in DeFi companies in the past. We invested in Securitize and Dharma, but it’s now an area where we’re building.”
The acquisition is aimed to help Ripple build XRP derivatives, loans, and futures.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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