A crypto whale account reportedly sent 90 million XRP coins from an unidentified source to Bitstamp. The event follows a trend of rising large transactions on XRP since the beginning of April. XRP is reportedly experiencing a significant correction in the face of a dip in user demand.
The cryptocurrency has recently started seeing a high frequency of transactions, most of which transferred XRP coins outside crypto exchanges. However, Whale Alert, a crypto watch, has begun to report whale transfers to top crypto marketplaces in large amounts. Those transfers include a 90-million XRP coins transfer to Bitstamp.
Reports say the transfer is worth about 70 million USD. Within the same month of April, another significant cryptocurrency wallet transferred 40 million XRP coins to Bitstamp. Meanwhile, 40 million XRP coins are reportedly equivalent to 32 million USD.
The same cryptocurrency watch reported that another whale sent about 35 million XRP coins to an e-wallet. Analysts say the recent pump in whale transfers positively impacted the XRP coin’s price. The coin scarcely dipped by only 1%, in contrast to BTC, which fell by over 8%.
The Virtual Assets’ Market
After hitting an all-time high market capitalization last November, the cryptocurrency market began seeing massive corrections. The industry’s market cap dipped by nearly half in the following couple of months.
After seeing marginal recoveries during the first two weeks of April, the virtual assets industry again lost about 100 billion USD over the weekend. Crypto analysts have hinted at few signs of a potential recovery, adding that whale incursions would significantly affect the statistics.
Indian Cryptocurrency Exchange Go P2P to Bypass Regulatory Restrictions
Cryptocurrency exchanges in India are reportedly permitting peer-to-peer transfers to circumvent utilizing payment platforms. Indian authorities have allegedly warned payment services providers from facilitating transactions in crypto amidst a tightening grip over its citizens’ money.
India’s cryptocurrency markets have continued to devise different means of bypassing regulations from the government and traditional financial institutions to administer the rising interest for virtual currencies in the nation.
The exchange reportedly links buyers with sellers directly immediately it receives an order. The purchasing party could then send money to the selling party via a bank or payment medium and acquire the cryptocurrency into their wallet from the seller. Banks or other payment mediums won’t have to facilitate money transfers with the exchanges.
India’s Crackdown on Cryptocurrency Payments
The recent activities by cryptocurrency exchanges in the nation are in response to current regulations in the country from both the government and payment platforms. India’s central bank has reportedly sent warnings about any partnership between payment platforms and cryptocurrency exchanges.
Therefore, pressure from the country’s central bank led to different exchanges stopping payment transactions in their businesses. Examples of such cryptocurrency exchanges include Coinbase and CoinSwitch Kuber. These crackdowns have significantly reduced Indians’ options to facilitate transfers from the legal tender to digital wallets.
Traders are reportedly starting to transfer funds outside the country for use on foreign exchanges. However, the country’s highly imposing central bank has also placed certain restrictions on such transfers, needing additional methods for circumventing the provisions.