As a researcher with a background in cryptocurrencies and blockchain technology, I find these recent XRP transfers intriguing. With over 156 million XRP coins moving hands in the last 24 hours, it’s no wonder that the price of this digital asset experienced a mild surge.
Based on reports from Whale Alert, a well-known blockchain investigator on Twitter, approximately 160 million XRP tokens were moved in four significant transactions over the past 24 hours.
Large-scale deals were executed as XRP, the seventh biggest cryptocurrency by market capitalization, experienced a modest 3% price increase during the night hours.
156 million XRP on move as whales activate
The data source I referred to earlier identified four significant XRP transactions involving substantial amounts. Two of these transactions occurred on Binance and represented withdrawals, with values equivalent to $20,860,666 (43,894,329 XRP) and $23,055,620 (48,270,270 XRP), respectively.
Both transfers were made to anonymous blockchain addresses. The first transaction happened roughly 22 hours ago, and the second one occurred almost five hours ago, according to Whale Alert. The Bithomp XRP explorer revealed that both XRP lumps were moved to crypto wallets linked to Binance. This fact likely makes them internal transfers made by this trading platform with a possible goal of redistributing its XRP holdings.
Ripple giant shovels 64 million XRP
In addition to this discovery, the crypto tracking system identified transfers of approximately 32.7 million XRP to Bitso, the major Latin American exchange, and 31.2 million XRP to Bitstamp. The monetary values associated with these transactions were around $15.5 million and $14.6 million in fiat currency, respectively.
Regarding the other two XRP transactions, these were initiated from wallets affiliated with Ripple, the renowned cryptocurrency decacorn. Notably, crypto exchanges such as Bitstamp and Bitso have partnered with Ripple to facilitate its cross-border payment solution, which was previously called On-Demand Liquidity but has been rebranded as Ripple Payments recently.
Ripple building its stablecoin
As an analyst, I would rephrase it this way: I’m currently observing Ripple’s efforts in developing its own US dollar-backed stablecoin. The existing stablecoin market is valued at around $150 billion, and given its size and potential growth – projected to reach between $2.8 trillion and $3 trillion within the next four years – it comes as no surprise that Ripple aims to secure a significant share of this expanding market.
In a recent interview, Reece Merrick, the managing director of Ripple’s Middle East and Africa region, expressed that Ripple is prepared to make a significant move, and this geographical expansion is a natural progression for the company.
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2024-06-28 17:50