Are Whales on a XRP Hoarding Craze?

The price of Ripple’s token, XRP, is up by around 6% as the crypto market saw a broad recovery on Wednesday. However, Ripple has published a report on Real Estate NFTs on the XRP ledger. This led to crypto whales accumulating more XRP tokens amid the surge.

According to data provided by WhaleAlert, crypto whales have moved over 225 million XRP tokens on crypto exchanges. Whales have accumulated more than 165 million XRP tokens in the last 24 hours amid increasing volatility in the crypto market. The total value of the whale collection is over $61 million. However, the largest accumulation of whales recorded by the tracker is valued at over $20.3 million on the Bitstamp crypto exchange. Meanwhile, these whales have cumulatively added more than 96 million XRP (worth about $35.6 million) from the same exchange.

Previously, the crypto whale had moved more than 351 million XRP amid the price drop. According to the data, the largest of the whales moved around 60 million XRP (approximately $22.3 million) from unknown wallet to crypto exchange. This move indicates that the whale is trying to make a profit here. XRP price is up 6% in the last 24 hours. It is trading at an average price of $0.37 at the time of writing. Despite facing legal challenges from the SEC, it still has a market cap of more than $18.7 billion.

Ripple announced in a post that it has partnered with ProprHome, which will leverage the XPR Ledger to create and deploy NFTs. These NFTs will represent property ownership. The firm will bring more confidence and efficiency to the Portuguese real estate market. He added in launching a solid NFT and real estate literacy program to build a user base. Portugal has the highest concentration of real estate agents in Europe.