The cryptocurrency market seems to be taking a break between $7900 and $8200 BTC value, and the likes of XRP and other altcoins are also following the trend with alternate green and red display in the market.
However, the cryptocurrency space seems to be filled with quite a number of huge fund movements, as whales try to find safe haven for their assets.
Today, Whale Alert, via twitter, reported a number of huge funds transfer amongst which coins like BTC, ETH, XRP, XLM, BNB and MKR lies. Although BNB and ETH presented a larger number of the transfers, but an XRP fund moved from an unknown wallet caught much attention due to happenings in the crypto space.
Whale Alert reported that over 7.4 Million XRP (circa 3,148,888 USD) was moved into a Coinbase wallet from an unknown account.
— Whale Alert (@whale_alert) May 16, 2019
Details of the transaction on Bithomp revealed that the fund was moved around 17:22 (GMT +1). After a number of sizeable funds were also transferred into the account, 7,512,355.78 XRP was moved out of the account into another Coinbase wallet at exactly 17:23. Afterwards, myriad of transactions took place on the account, and as at press time, the wallet is only left with 1,668 XRP.
It was reckoned that all outflows were transferred into another Coinbase wallet, while inflows came from a number of exchanges ranging from Binance, HBTC, Kraken, Bitstamp and others which includes some unknown addresses, thus signifying that the outflow is only revolving within Coinbase.
Previously, Todays Gazette reported Alex Mashinsky, the CEO of Celsius Newtwork, claimed the ongoing trade war between US and China would be a blessing for Bitcoin in the long run. He said the usual thing known in space for the last 2-3 years is that Bitcoin’s price on Bitfinex is almost consistently higher than that of Coinbase’.
However, he said Coinbase is taking the lead now, and this reveals that US customers are the ones pouring more BTC liquidity into the market rather than Asian customers, as the get frightened by possible dollar devaluation owing to the trade war.
While the outflowing funds only seems to be revolving around Coinbase with inflows from other exchanges, there are signs that the same scenario might be taking place with XRP.
5.8+K New Accounts Created on XRP Ledger within 24hrs
A report surfaced today that over 17,000 new accounts were created on XRP ledger in just four days.
— rippleitin.nz (@rippleitinNZ) May 16, 2019
When checked for confirmation, it was observed that within a space of 24 hours (May 15) a total of 5,862 new accounts were created, recording 686,027 transactions that day.
In the last 24 hours as at press time, XRP Ledger recorded a total XRP trade volume of $1,715,839,112.16.
As observers continue to blare the emergence of the altseason, the data revealed on XRP ledger shows that the total number of XRP traded with USD has so far increased by 1.19% in the last 24 hours.