The cryptocurrency ecosystem has recently added about $6 billion in a day as most cryptocurrencies are currently recovering from the recent slump that saw bitcoin drop below the $5,000 mark for the first time since October of last year.
According to CryptoCompare data, most top cryptocurrencies are up anywhere between 3% and 9% in the last 24 hours, while XRP, the second largest-cryptocurrency by market cap, is seemingly lagging behind.
The cryptocurrency, which has been able to remain within the $0.55 and $0.45 range while other cryptos dropped over 10%, is now dropping as it’s currently trading at $0.44. In the last 24-hour period, it’s down 0.4%.
Being able to remain within said range helped XRP surpass Ethereum’s ether to become the number two cryptocurrency, as ETH dropped about 37% in the last two weeks. It may now be able to catch up with XRP, as it’s up 3.11% in the last 24 hours.
XRP is a liquidity network that provides major financial institutions the ability to move money across border for low fees. Behind the cryptocurrency’s drop could be a large token movement that seems to show a large holder is dumping tokens.
Recently, 38.2 million XRP were moved from Ripple’s Distribution wallet, which serves to place tokens in an escrow account “until specific conditions are met,” to an unknown wallet. Soon after, 25.6 million XRP (around $11.2 million) were moved from an unknown wallet to cryptocurrency exchange Poloniex.
Despite the whale’s move to potentially cash out, holders are still seemingly bullish. According to data shared by Mati Greenspan, a senior analyst at eToro, the platform’s users have been stockpiling XRP.
Bitcoin Climbs Back To $4,600
While XRP has been dropping because a whale seems to be cashing out, other cryptocurrencies have seemingly started to recover from this month’s drop. ETH, as mentioned, is up over 3%, with EOS, Ethereum Classic, NEO and XMR having seen similar gains.
Bitcoin, the flagship cryptocurrency, has seen its price increase by about 2.9% in said period, and is currently trading at little over $4,600. It’s seemingly starting to recover from a low of little over $4,400.
The TRX token and dash appear to be leading the crypto market’s gains. TRON’s token is currently up 6.71% and is trading at $0.014, while dash jumped 8.9% to $113.11. Litecoin, often seen as the silver to bitcoin’s gold, rose 4.5% to $34.2.