XRP, the sixth largest cryptocurrency, recent price action sent a wave of relief and rejoicing among its holders. Ripple’s native token price jumped by around 4% in the last 24 hours. This surge comes in after the biggest crypto, Bitcoin (BTC), breached the much anticipated $50k price level to spread positive sentiments in the digital asset market.
XRP whales on the move
According to the data provided by WhaleAlert, crypto whales moved more than 292 million XRP tokens (approx worth $156 million) over crypto exchanges in multiple transactions in the last 24 hours. However, the biggest transaction recorded by the tracker has been shifting 200 million XRP tokens (approx worth $106 million) from the crypto exchange Binance to an unknown wallet.
As we dig in, data shows that multiple crypto whales moved around 265 million XRP tokens (approx worth $149 million) from Binance to unknown wallets in the last 24 hours. These transactions suggest that Whale went on a buying spree and accumulated huge chunks of XRP while it is still trading below the expected price.
XRP price saw a recovery of 5% in the last 7 days. However, it is still trading down by 8% in the last 30 days matrics. It is trading at an average price of $0.527, at the press time. Its 24 hour trading volume is up by 31% to stand at $1.007 billion.
Meanwhile, the on-chain tracker caught a crypto whale dumping some of its XRP holdings. A whale moved 27.7 million XRP tokens (approx price $14.7 million) to the crypto exchange Bitstamp. This move suggests that the whale might be looking for a book the profit opportunity and unloaded its holding when XRP price jumped.
Ripple’s new report
Ripple recently released the second part of its series on tokenization. It mentioned that in the 2023 New Value Report, 72% of respondents plan to explore tokenization for innovation in the next three years.
It mentioned that success requires businesses to develop asset tokenization strategies. It needs to be tailored to industries that unlock blockchain’s full potential.
Ripple highlighted that Blockchain benefits, from financial assets to carbon credits. However, it enhances business revenue through management, increased accessibility, and liquidity. It suggests that Tokenization reduces barriers, and lowers costs. While it broadens access to once-inaccessible assets. It is important to note that liquidity in tokenized asset markets is crucial for realizing the full benefits.
