As an analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I must say that the recent movements of Ripple (XRP) and its stablecoin, RLUSD, have certainly piqued my interest. The rapid minting and market injection of RLUSD by Ripple treasury, coupled with its swift rise in popularity, is a strategy worth noting.
Ripple consistently produces RLUSD stablecoins and introduces them to the market, which are quickly gaining popularity. In fact, an impressive amount of RLUSD tokens have recently been transferred to exchanges over the last three days.
20 million RLUSD goes to crypto market
According to U.Today’s report, within the last two days, Ripple’s Treasury has created and moved approximately 17 million units of its recently introduced product, RLUSD, which debuted on the market a week ago and is already being listed by multiple crypto exchanges.
As a crypto investor, I’ve noticed that within the past day or so, wallets linked to Ripple have moved around a significant amount of RLUSD – roughly a dozen batches, with some approaching nearly 2 million coins. However, more recent data from the Ripple Stablecoin Tracker X account indicates that just over 3 million RLUSD were shifted about 20 hours ago.
🚨🚨🚨🚨🚨🚨 3,000,000 #RLUSD transferred from unknown wallet to unknown wallet.
— Ripple Stablecoin Tracker (@RL_Tracker) December 24, 2024
At this moment, the U.S. version of Ripple’s stablecoin ranks at number 2,943 on the CoinMarketCap list, boasting a market cap value of approximately $53.1 million.
Anonymous XRP transaction hits Coinbase, here’s nuance
Notable blockchain investigator Whale Alert, known for tracking substantial cryptocurrency transfers and broadcasting findings across various social networks, recently disclosed information about a significant quantity of XRP that was transferred to the leading U.S. cryptocurrency exchange, Coinbase.
Approximately two hours ago, a mysterious transfer of 30,171,667 XRP, equivalent to about $69,244,848 in traditional currency, was observed moving from an unidentified wallet to the Coinbase digital asset exchange platform, as reported by the previously cited blockchain data source.
🚨 🚨 🚨 30,171,667 #XRP (69,244,848 USD) transferred from unknown wallet to #Coinbase
— Whale Alert (@whale_alert) December 25, 2024
According to Bithomp, the wallet that started the transaction appears to be anonymous, but upon closer examination, it’s linked to a blockchain address associated with Coinbase. This indicates that the transaction was conducted internally within the Coinbase exchange.
On Tuesday, there was an unexpected 5.34% increase in the price of XRP, which could be linked to the traditional “Santa rally” in financial markets. However, as of now, almost all of those gains have been lost. The current price of XRP is $2.6507, a decrease of 3.35%.
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2024-12-25 17:15