Altcoin
Ripple Transfers $915 Million In XRP, What’s Happening?
XRP News: The recent massive XRP transfer by Ripple has sparked speculations in the market amid a price surge in its native token. The blockchain firm has moved 380 million XRP, worth more than $915 million, to a wallet, fueling discussions over its potential impact on the asset’s value. In addition, it also comes just after the firm received NYDFS approval for its stablecoin RLUSD.
XRP News: Ripple Moves $915M Coins Sparking Speculations
In the latest XRP news, Ripple has conducted a massive transfer of its native coin, sparking speculations in the market. According to a recent report by the on-chain transaction tracking platform, Whale Alert, the blockchain firm has moved 380 million XRP, worth $915.17 million, to an unknown wallet “rP4X2….sKxv3”.
Notably, the firm has also made similar transfers previously, which has further fueled speculations. While many see this transfer as a selling move by the blockchain firm, others have argued it to be an internal transfer. According to XRPScan data, the address was activated by Ripple (50).
Meanwhile, some other large XRP transfers were also noted recently, which has fueled discussions in the market. For context, the same address was noted transferring a 200 million XRP, valued at around $485.37 million, to an unknown wallet “rJqiM…La8nE”. However, XRPScan showed that this address belongs to a Ripple (50) account.
In addition, another transfer of 60 million tokens, worth about $145 million, was noted between two unknown wallets, further fueling discussions. It’s also worth noting that both these addresses belong to the “Top accounts by XRP balance” list on XRPScan.
Speculations Soar Amid RLUSD Optimism
The transfers have fueled discussions in the broader crypto sector, with a flurry of market enthusiasts looking for the potential reason behind the transfer. However, it appears that most of the transfers were internal movements, which is less likely to impact the prices.
Notably, Ripple has also previously made similar internal transactions. Besides, the market sentiment appeared to have remained high despite the recent transfers, as evidenced by the current price chart. As of writing, XRP price was up more than 5% and exchanged hands at 2.43, and its one-day trading volume slipped 45% to $13 billion.
The crypto has touched a 24-hour high of $2.48 while noting monthly gains of 265%. Furthermore, CoinGlass data showed that XRP Futures Open Interest rose 11%, indicating strong market confidence towards Ripple’s native crypto. Besides, a top market expert has recently predicted the crypto rally to $5, if it holds above a key support level.
Meanwhile, this rally comes as Ripple Labs secured approval from NYDFS for its RLUSD stablecoin. The development was lauded by the broader crypto community, especially amid soaring optimism towards pro-crypto regulation in the US with Donald Trump’s election win.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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