By
Steve Muchoki
April 19th, 2024
According to the blockchain transaction details, Ripple moved 1 billion of XRP in three portions. One consisting of 200 million, another consisting of 300 million, and the third one of 500 million.
Leading cryptocurrency exchanges including Binance, Coinbase and also OKEx, and one of the biggest industry players Ripple yesterday moved huge amounts of digital assets, which possibly resulted in their 10% drop. During yesterday’s volatility, Bitcoin (BTC) lost approximately $1000 in value, Ethereum (ETH) dropped from trading around $480 to hit lows of $424, while XRP dropped from $0.30 to trade around $0.269.
However, on Thursday during the mid-London trading session, they all had stabilized slightly above their yesterday’s low.
What Transpired in Top Three Digital Assets: BTC, ETH, and XRP
As for XRP, as expected during the end of every month, Ripple was moving the 1 billion from escrow, whereby it is to be returned as per its new directive, and also honoring the deal with its former CTO Jed McCaleb.
According to the blockchain transaction details, Ripple moved the 1 billion in three portions. One consisting of 200 million, another consisting of 300 million, and the other 500 million.
As for the deal with McCaleb, Ripple sent 133,152,655 XRP into his account.
McCaleb is allowed to collectively sell as much as 1% of the average daily XRP volume, whereby the settlement is in its fourth year.
As for Bitcoin, the observed transactions moved a total of $279.9 million in BTC. According to the industry’s media outlet, the following transactions were noted: cryptocurrency exchange OKEx received a total of 11023 bitcoins from unknown wallets, Binance crypto exchange on the other hand moved 9,873 bitcoins, while Coinbase moved a total of 6615 in three transactions.
The huge deposit of Bitcoin by leading crypto exchanges is an indication of increased demand from retail and also institutional investors.
Binance through its CEO previously reported experiencing higher system activity than that experienced prior to the 2017 bull rally.
As for the second cryptocurrency by market capitalization, Ethereum that has $49.17 billion in market cap, the whales are gathering momentum despite the increasing transaction fees experienced in the network.
During the huge transactions, it was noted that 400,000 Ethereums were transferred from the cryptocurrency exchange Huobi to an unknown wallet.
Into the Future
As the global digital asset adoption campaign continues, exchanges together with other big industry players are preparing for a possible rally probably that might make 2017 a mere shadow.
The utility is going to be the defining factor for the time’s rally, whereby each of the top three has its own niche to present. As for Bitcoin, it is perceived as a great safe haven with the capabilities of returning huge profits.
On the part of ETH, it is taking the smart contract, and DaApp ecosystem to another level. And finally, for XRP, it is thriving in transferring money with very small gas fees globally.