Crypto Whale Transfers 400 Million XRP
2024-09-26
Bittime - The crypto world has been shocked again by the activity of transferring large amounts of XRP tokens. Whale Alert, a crypto transaction tracking platform, recently detected mysterious XRP transfers worth hundreds of millions of United States dollars.
According to Whale Alert data, more than 400 million XRP was moved through five different transfers. Four of them are performed sequentially between two blockchain addresses.
The largest transactions involved the transfer of 95 million XRP and 98 million XRP, worth approximately $55 million and $57 million respectively. The total total of this massive transfer reached $224 million.
The purpose of this transfer is still unclear. There are allegations that the transfer was an internal activity of the crypto platform or a "reshuffle" of XRP assets by a big player (whale) in the crypto market.
Nevertheless, this transfer was welcomed positively by XRP fans who saw it as a bullish (optimistic) signal for the future price of XRP.
In addition to the mysterious internal transfer, a transfer of 17.23 million XRP from an anonymous wallet to crypto exchange Bitstamp was also recorded. This transfer is thought to be related to the project
Ripple Payments, an international money transfer service developed by Ripple. The XRP sent likely came from a wallet associated with Ripple.
Ripple Stablecoin Trial Activity
Apart from the XRP transfer, another crypto news that is attracting attention is the trial activity of Ripple's stablecoin, which is named RLUSD. Stablecoins are a type of crypto asset whose value is pegged to fiat currency such as the US dollar. Ripple has been trialling RLUSD since last August, with plans to enter the trillion-dollar stablecoin market.
On September 24, Ripple issued two batches of RLUSD, each containing 485 stablecoins. They also burned 50 RLUSD x2 in Ripple Treasury, as reported by the “Ripple Stablecoin Tracker” account on the X platform.
This trial shows Ripple's seriousness about competing in the stablecoin market which is currently dominated by USDT (Tether) and USDC (Circle & Coinbase).
Conclusion
Mysterious XRP transfers worth hundreds of millions of dollars and Ripple's stablecoin trial activity are in the spotlight in today's crypto news. The XRP transfer sparked optimism among the crypto community, while the RLUSD trial demonstrated Ripple's ambition to become a significant player in the stablecoin market.
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