- Bitcoin and Ethereum whales have moved more than $300 million in 24 hours while Ripple has moved more than $7.4 million USD in XRP to its OTC distribution wallet.
- XRP has overtaken Tether for the third spot in the ranking by market cap after a 10% increase.
According to several on-chain activity monitors, there has been an increase in the activity of Bitcoin, Ethereum and XRP whales. The rise in the participation of major investors seems to be a consequence of the increase in Bitcoin and Ethereum’s price and the bullish sentiment in the market.
The XRPL monitor for XRP transactions has recorded a significant rise in large transfers. In the last 24 hours more than 150 million XRP have been moved, about $37 million at current price. The XRP have been moved in several large transactions over the aforementioned period. Many of the transactions have been sent from addresses that exceed a balance of 10 million XRP.
Furthermore, Whale Alert has recorded a transaction from the company Ripple to its OTC distribution wallet, estimated at XRP 33,129,911, about $7,452,308 at the time of transfer. While the reason was not officially announced, there is speculation that the funds were sold to a third party. As commented by some members of the crypto community, it is possible that an institution may have purchased some or all of the funds.
33,129,911 #XRP (7,452,308 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) July 28, 2020
Whale Alert also recorded an increase in Bitcoin whale activity. After last Sunday’s rally, when Bitcoin broke the $11,000 barrier for the first time since 2019, Bitcoin whales have moved more than $300 million or 27,280 BTC. Transactions have been recorded via 13 different addresses and have mostly been transfers from exchanges to unknown addresses. Activity could also continue to increase if the price of BTC manages to stay above its current price of $10,947.
The monitor has also been able to track the activity of Ethereum’s whales. Whale Alert reports that, in the last 24 hours, about 145,900 ETH ($46 million) have been moved via two separate transactions. One of the transactions was made to crypto exchange Binance, the fate of the second transaction remains a mystery. At the time of publication, ETH is trading at a price of $318 with a loss of 1.78% in the last 24 hours. In the weekly and monthly charts, ETH remains one of the big winners with 20% and 39% gains respectively.
XRP overtakes Tether (USDT) by market cap
On the other hand, XRP managed to regain third place on the ranking of the top 10 cryptocurrencies by market cap after displacing Tether (USDT) after a 10% rise in its market capitalization, which now stands at $10.92 billion. At the time of publication, XRP is priced at $0.24 with gains of 1.13% in the last 24 hours. The weekly chart shows gains of 19.76% and the monthly chart shows gains of 37.18%.
As shown in the chart below, XRP began an upward trend in early July. By this time, the price of XRP was $0.17 and, after a slight drop on the 6th, the rise continued to the current price.
However, XRP also shows a decline in liquidity in its main payment corridors. Data from the Liquidity Index Bot shows that XRP volumes in the XRP/AUD, XRP/PHP, XRP/EUR, XRP/MXN pairs are far from the levels seen in early July. Therefore, it can be assumed that the XRP rally is primarily due to the correlation of the token with the performance of Bitcoin (BTC).