Bithumb receives 90 million XRP coins from an XRP address

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XRP has experienced various obstacles in the previous four weeks, including selling pressure, poor sentiment, and a substantial increase in volatility. While major digital currencies’ values have plummeted due to the crypto market correction, XRP has battled hard to stay in the top ten.

During the dismal market of 2022, XRP millionaires, or addresses with at least 2 million coins, increased their transfer activities. A $56 million transaction featuring the transit of 90 million XRP tokens from a digital address to the crypto exchange Bithumb was noticed in data published by Whale Alert, a major blockchain monitoring and cryptocurrency analytics company.

At 6:10 UTC on January 26th, the transaction was completed. The transaction documented on Bithomp.com is one of the most significant on-chain transfers of the digital asset in the last three days. A crypto whale transferred 20 million XRP tokens worth over $12 million from Bithumb to an unidentified wallet yesterday.

XRP, like other digital currencies, lost a lot of money in the first three weeks of 2022. Nevertheless, the value of the cryptocurrency increased by almost 5% yesterday. On the other hand, the price of XRP has plummeted by 16 percent in the last seven days, compared to a decline of over 30 percent in Solana and about 26 percent in Cardano.

Report on Ripple’s Cryptocurrency

Ripple released a study on the current condition of the global crypto ecosystem on Monday, emphasizing the rising popularity of blockchain, non-fungible tokens, and CBDCs.

The paper highlighted that “While the sudden and remarkable explosion of non-fungible tokens (NFTs) in 2021 showcased yet another mainstream application for blockchain, the past year in crypto was largely marked by consistent growth and maturation in conversation around new use cases and benefits of blockchain and crypto. The emergence of new Central Bank Digital Currency (CBDC) projects, deepening policy and regulatory discussions and a wider embrace of crypto by traditional financial institutions all signaled the technology’s continued growth within mainstream finance.”

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