As a matter of fact, the entire crypto industry is aware of whale activities and their transactions of cryptocurrencies. The major purpose of shifting and storing digital currencies is for generating more gains in the future. Significantly, whales target mainstream cryptocurrencies while it has currently targeted one leading cryptocurrency Ripple (XRP).
Whilst most of the transactions by whales include large amounts of leading cryptocurrencies via top crypto exchanges. Similarly, we are going to look into the recent transaction of XRP between wallets. Whales have shifted 90 Million XRPs from an unknown wallet to another unknown wallet, according to Whale Alert.
90 Million XRP Moved
Whale Alert has recently identified the aforementioned transaction of XRP. On May 9th, 2022, a crypto whale account shifted 90 million XRP from one wallet to another unknown wallet. Considering current changes in price value of XRP might be the reason behind Whales’ target towards this latest transaction.
As the crypto market is currently experiencing a bearish rally, whales use this as the right opportunity to store leading cryptocurrencies. Following an all-time high market valuation of almost $3 trillion in November 2021, the value of digital assets plummeted by roughly half in the months that followed. Currently, the crypto market capitalization value has fallen down to around $1.5 trillion. Even Bitcoin and Ethereum have dropped 14% within the past week symbolizing the bear market since the beginning of the year.
Consequently, this seems to be the right possibility for investors and whales to store the value of the future. At the time of writing, XRP was trading at $0.55 with a trading volume of $1,624,118,693 for the last 24-hours. Moreover, it holds 6th rank by market cap and is 5.33% down for the day. Furthermore, whales have crucially targeted XRP as the platform works on new updates and implementations.