  The increasing use of cryptoassets for international remittances has proven
to be faster and more cost-effective, particularly for migrants without access
to traditional banking. However, the inherent volatility of cryptoasset prices,
independent of blockchain-based remittance mechanisms, introduces potential
risks during periods of high volatility. This study investigates the intricate
dynamics between XRP price fluctuations across diverse crypto exchanges and the
correlation of the largest singular values of the correlation tensor of XRP
transaction networks. Particularly, we show the impact of arbitrage
opportunities across different crypto exchanges on the relationship between XRP
price and correlation tensor spectra of transaction networks. Distinct periods,
non-bubble and bubble, showcase different characteristics in XRP price
fluctuations. Establishing a connection between XRP price and transaction
networks, we compute correlation tensors and singular values, emphasizing the
significance of the largest singular value. Comparisons with reshuffled and
Gaussian random correlation tensors validate the uniqueness of the empirical
tensor. A set of simulated weekly XRP prices, resembling arbitrage
opportunities across various crypto exchanges, further confirms the robustness
of our findings. It reveals a pronounced anti-correlation during bubble periods
and a non-significant correlation during non-bubble periods with the largest
singular value, irrespective of price fluctuations across different crypto
exchanges.
