Despite a notable decrease in whale activity on Ripple's XRP Ledger over the past two years, wallets holding between 100K to 100M XRP have increased their accumulations from $7.16 billion to $7.89 billion, according to data provided by Santiment. This trend has raised concerns about potential centralization within the network.
Several large transfers were reported recently, including a transfer of 30.3 million XRP, equivalent to $15.2 million, to Bitstamp and another transfer of 50 million XRP, valued at $24.9 million, from CryptoCom to an unknown wallet. These transactions, however, have not significantly impacted the steady price of XRP which currently stands at approximately $0.500928.
As of Tuesday, the cryptocurrency maintains a market capitalization of about $26.75 billion. The trading volume over the past 24 hours was recorded at $823.3 million, reflecting a robust liquidity position for the digital asset.
The observed increase in wallet accumulations and the steady price of XRP suggest a level of stability within the network. However, the potential implications of this accumulation trend on the decentralization ethos of the blockchain space remain a topic of ongoing debate among industry observers.
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