The activity of the XRP network saw a sharp increase last week after XRP millionaire accounts began moving the world’s seventh most valuable digital asset from crypto wallets to exchanges. Whale Alert, a prominent blockchain tracker, recently highlighted a $20.3 million deal that involved the movement of 20 million XRP coins.
According to the transfer details, a leading XRP account has transferred 20 million coins from an unknown wallet to crypto exchange Bitso. The said conversion took place on Friday, October 1 at 16:30 UTC. XRP is currently trading near $1.03, up around 7% in the past week. The total market capitalization of the digital asset is currently around $48 billion.
In a separate transfer, the XRP Millionaire Wallet executed a $10.2 million transaction on October 1, 2021. According to the details, the crypto whale transferred 10 million coins from an unknown wallet to the digital exchange Bitstamp.
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The recent jump in large XRP transfers came after a huge surge in demand for it. Last week, former US Treasurer Rosie Rios highlighted the growing adoption and demand for the world’s seventh largest crypto asset and stated that XRP supports cross-border payments.
Ripple and XRP partnerships
Ripple, one of the leading global blockchain companies, has announced several partnerships this year to increase XRP adoption. Last week, the company introduced a $250 million innovative fund to support NFTs on XRPL. In September 2021, the blockchain company also partnered with the Central Bank of Bhutan to facilitate the bank through its CBDC solution. In August 2021, Global Money Express (GME Remittance) announced that the company had joined RippleNet, the global financial network of the Ripple blockchain.
Despite the recent decline in September, the price of XRP remains above $1. With gains of around 400% in 2021, the cryptocurrency has fallen behind other digital assets such as Solana (SOL) and Cardano (ADA), but its institutional adoption has jumped significantly since the beginning of 2021.