- Ripple has recently moved a large amount of XRP. This has sparked speculation in the community.
- Transfers are made as the firm nears launching a stablecoin based on RLUSD.
Ripple, a blockchain payment company, recently sent 380,000,000 XRP (worth over $915,000,000) to an unidentified wallet. Crypto community members have been discussing how this will affect the value of XRP, Ripple’s associated native coin. This news comes shortly after the Ripple stablecoin RLUSD was approved.
Ripple’s 380M Transfer of XRP
Ripple sent 380 millions XRP coins on 11 December to a wallet that was unknown. “rP4X2….sKxv3,” The onchain platform tracks transactions. Whale Alert. After the price surge, the value of transferred XRP Coins, worth $915 Million at time, is now over $923 Million.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 380,000,000 #XRP Transfer of 915 171 133 USD #Ripple The unknown wallethttps://t.co/2HhQMdiNGS
— Whale Alert (@whale_alert) December 11, 2024
Ripple’s past has seen similar transfer. CNF reported Ripple sent 470,000,000 tokens XRP (250.45 millions dollars) to a different address on the 6th of November. The receiving wallet then transferred 100,000,000 XRP from one address to another. Ripple had not yet implemented this feature. transferred A wallet unknown valued at $15.9 Million received 30,000,000 XRP.
The current speculations on the market have been fueled by these transactions. Some see this latest XRP transaction as a movement within Ripple, but others believe it’s a sale. Some other recent large transfers, including the 380 XRP transfer, were also spotted. In one transaction, 200,000,000 XRP were transferred from the wallet of the original user to a new wallet. “rJqiM…La8nE.” XRPScan, however, revealed that the address is linked to a Ripple account.
XRPScan detected another 60,000,000 XRP worth $145,000,000 transferred between unknown wallets. Both of these addresses are associated with the “Top accounts by XRP balance” List on XRPScan.
Ripple Prepares for Stablecoin Release
The transfers have generated debate among the larger crypto community, as several participants in the market are searching for possible explanations. The majority of transfers, however, seem to be internal. Ripple may be moving the XRP coin in anticipation of its RLUSD launch.
CNF reveals the truth reportRipple’s launch of stablecoins has been approved by the New York Department of Financial Services. Ripple has said that its stablecoin will allow it to expand in the global finance ecosystem. The stablecoin launch positions Ripple to compete against other leading stablecoins such as Tether’s USDT or Circle’s USDC.
RLUSD aims at improving liquidity through utilizing XRP for faster payments. Ripple has formed partnerships with exchanges such as Bisto, Uphold and Bitstamp in order to promote widespread adoption.
The current chart shows that the market is optimistic due to the anticipated launch of RLUSD. XRP’s price has increased over 80% since the time of this writing. 1.62% In the last 24 hour to $2.42. The volume of daily trades, on the other hand, fell 49% from $13 billion to $12.
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Source: www.crypto-news-flash.com
