Cryptocurrency XRP experienced a price dip to $0.6126, down by 1.57%, during an ongoing bull rally in the crypto market. This decline comes as Whale Alert, a blockchain tracking service, reported three significant whale transactions within the XRP ecosystem today.
The largest of these transactions involved Ripple transferring 90 million XRP, valued at approximately $55.24 million, to an unknown wallet. Two other major transfers included moving 85 million XRP worth $51.99 million and sending 25.5 million XRP to the Bitstamp exchange in Luxembourg City. These transfers contributed to a cumulative weekly drop of over 8% in XRP's value.
Despite the recent price fall and a modest decrease of 1.46% to $0.6098 earlier today, some analysts remain optimistic about XRP's potential for recovery. Crypto analyst Dark Defender projected an upswing for the digital currency in the near term.
In contrast to Ripple's active transactional movement, reports from the Basel Committee on Banking Supervision reveal that Polkadot has overtaken Ripple in terms of bank exposure percentages within the total $10.27 billion in crypto assets held by banks.
Amidst these developments, Fed Vice Chair Michael Barr highlighted the risks cryptocurrencies pose to banking institutions, especially those with stringent digital asset management policies.
Ripple's recent legal victory against the SEC and its international expansion efforts have not significantly boosted institutional investment compared to other cryptocurrencies. While Ripple has secured only $0.5 million in investment inflows, Cardano and Litecoin have attracted $0.8 million and $0.4 million, respectively.
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