A slew of seemingly massive XRP transactions has been reported by blockchain tracking group Whale Alert, totaling nearly 190 million coins. In total, around two thirds of this was traded between anonymous wallets. Meanwhile, XRP prices have gotten going again, having rallied around 21% in the last 24 hours.
Nearly 183 million XRP was moved by three major transactions. The largest transfer was a move of 99,999,977 XRP worth $222.1 million, followed by two others that sent 52,765,919 XRP ($118.3 million) and 30,000,000 Ripple ($70.9 million). In total these transactions were worth a staggering $411.1 million fiat equivalent.
Significant XRP Transfers Between Unknown Wallets Raise Speculation
The smallest transaction was sent from an Uphold exchange to an unknown wallet. The rest of the Ripple volumes were distributed into unknown Blockchain addresses. According to data from XRP explorer Bithomp, the 99.9 million XRP transfer stemmed from a wallet that is connected loosely to Ripple, stored at an address which is also loosely connected to the company.
The world’s largest cryptocurrency, Ripple, also moved earlier in the week with Ripple transferring nearly half a billion dollars worth of them on to Binance, the world’s largest cryptocurrency exchange. There’s still division among the XRP community on what these transfers were about.
While some think the transactions are over-the-counter (OTC) sales, others theorize that a large investor, or “whale,” swooped up some Ripple on the back of the recent Bitcoin price drop, which also brought down XRP’s price.
Fourth largest cryptocurrency Ripple has recovered by 21.48% over the last 24 hours, following a loss on Friday of 10.01 per cent. Moving sideways, token trades at $2.37 and hit a local high before retreating slightly by 3.27% to trade at $2.30. Ripple’s price trend, along with Bitcoin itself, has seen the crypto rebound 6.26 percent from just under $93,000 and now rests at $98,441.
Ripple officially launched their new entry into the week’s headlines, a stablecoin pegged to the U.S. dollar (RLUSD) that is backed by dollars, U.S. Treasuries, and cash equivalents. Now positioned as a competitor in the $160 billion stablecoin market (which analysts predict could grow $3 trillion by 2028), a new product for Ripple positions the emerging market leader as a crypto payday loan for the 2 billion underserved users currently not served by legacy banks.
Ripple’s most recent moves and Ripple’s recent performance highlight the volatility and innovation that are just some aspects of the cryptocurrency space.
