JAKARTA - The price of XRP, the fifth largest crypto asset in the world, has strengthened significantly in the past week. Based on data from CoinMarketCap, the price of XRP rose 20.87% in the last seven days to reach its highest level of $0.7234 (Rp11,323) on November 6. This strengthening is in line with the positive trend in the cryptocurrency market, which was triggered by an increase in bitcoins approaching the level of $40,000 (Rp626 million).
As XRP prices soared, there were a number of large XRP transactions on the main cryptocurrency exchange. According to Whale Alert, a platform that tracks large amounts of crypto transactions, anonymous investors purchased 21 million XRP worth $14.6 million (IDR 228.9 billion) on the Upbit exchange on November 9.
The investor then pulled the coins and stored them in a physical crypto wallet or hardware wallet. Currently, hardware wallets are a safer place to store crypto assets than storing them on exchanges that are vulnerable to hacking.
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In addition, two other large XRP transactions were seen on November 8. A total of 22.5 million XRP worth 15.4 million (IDR 240.9 billion) was sent from an unknown wallet to the Bitstamp exchange, and 16.3 million XRP worth $11.2 million (IDR 175.3 billion) was sent to the Bitso exchange. According to Bithomp analysis, the unknown wallet is linked to Ripple Labs, the fintech company that created XRP and ran the RippleNet payment network.
RippleNet is a global payment network that uses XRP to facilitate fast and inexpensive cross-border payments. Bitstamp and Bitso are Ripple partners who use RippleNet to serve cryptocurrency markets in various countries. The transfer of XRP to these exchanges may be part of Ripple's strategy to increase liquidity and adoption of XRP in various markets.
Bitstamp and Bitso are Ripple partners who use XRP to facilitate fast and inexpensive cross-border payments via RippleNet. The transfer of XRP to these exchanges may be part of Ripple's strategy to increase liquidity and XRP adoption in various markets.
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