The digital asset xrp has gained more than 10% in value during the last seven days, shrugging off the losses a majority of crypto coins experienced last week. According to data from Whale Alert, someone moved 449.3 million xrp on December 19. Moreover, xrp holders are expecting to receive an airdrop from a project called Sologenic.
XRP Gains 10% in the Last Week, Whales Move Hundreds of Millions of Tokens
The crypto asset xrp (XRP) and its markets have been buzzing as the digital currency has gained more than 10% during the last week. XRP is up 54% year-to-date (YTD) and commands 1.76% of the $2.3 trillion crypto economy. During the last day, XRP has been changing hands for prices between $0.83 and $0.91 per unit. While 54% YTD gains are decent, XRP’s 12-month gains have been much lower than most of the crypto assets in the top ten.
Furthermore, XRP is still down 74% lower than the crypto asset’s all-time high (ATH) almost four years ago on January 07, 2018. XRP has a myriad of pairs but tether (USDT) commands 62.97% of all trades on December 20, 2021. This is followed by KRW (11.93%), BTC (5.97%), USD (5.34%), TRY (2.62%), JPY (2.40%), BUSD (2.13%), EUR (1.92%), USDC (0.91%), and GBP (0.75%).
Some of the most active exchanges dealing in XRP today include Binance, Bequant, Hitbtc, Crypto.com, Huobi Pro, and Huobi Japan. XRP has seen a lot of whale movement during the last 48 hours as well. For instance, Whale Alert caught 17,700,000 XRP worth $15 million transferred from Bitso to an unknown wallet. The bot also caught 20,000,000 transferred from Bithumb to an unknown wallet.
The whale parser saw other XRP transfers of 20,000,000 XRP to Coinsph and 20,000,000 XRP to Bitso. Whale Alert also caught an entity moving 449.3 million xrp on December 19 in two separate transactions.
Sologenic’s SOLO Airdrop Sparks Demand
Besides the whale movements, some believe XRP demand is stemming from people who want in on a $500 million airdrop. Sologenic, a firm leveraging XRP, plans to drop a coin called SOLO tokens to XRP holders. The project aims to “become the most influential blockchain-based project in the world by bridging the gap between traditional financial markets and cryptocurrencies.”
In addition to the upcoming SOLO snapshot, the project is also doing another airdrop with a token called coreum (CORE). Sologenic explains that SOLO will be available for trade on the project’s decentralized exchange (dex) platform and there will be “a total supply of 400,000,000 SOLO available.” The Sologenic team says that the SOLO coins are issued on the XRP Ledger.
What do you think about xrp climbing in value during the last week? Let us know what you think about this subject in the comments section below.
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