441,000 Ripple USD (RLUSD) in One Hour – What’s Happening?

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As a seasoned analyst with over two decades of experience in the dynamic world of cryptocurrencies, I find these recent transactions intriguing. The massive transfer of RLUSD stablecoins by Ripple suggests that they may be gearing up for a significant market entry, perhaps even living up to Brad Garlinghouse’s claim of making RLUSD a gold standard for enterprise-grade stablecoins.

Information from the Ripple Stablecoin Tracker’s account on the X platform shows that there were six sequential transactions, each transferring a substantial quantity of Ripple USD (RLUSD) stablecoins.

The transfers, totaling 441,000 RLUSD, happened one after another within just an hour’s time. These were the initial transactions of RLUSD using Ripple since a break of multiple weeks had occurred previously.

441,000 RLUSD transfer facilitated

The data source mentioned earlier provided information about six transactions that occurred approximately 15 hours ago. As reported on social media, some of these transactions involved wallets without identities, possibly linked to Ripple in some way or unknown accounts and the RLUSD Treasury.

In this transaction, the smallest transfer amounted to 58,500 RLUSD, while the largest was 88,500 RLUSD. Additionally, there were two transfers of 68,500 RLUSD and two more of 78,500 RLUSD each.

🚨🚨🚨🚨🚨 88,500 #RLUSD transferred from unknown wallet to unknown wallet.

— Ripple Stablecoin Tracker (@RL_Tracker) November 7, 2024

Before that event, a transaction involving 100,000 units of RLUSD was detected by the same tracking service as far back as October 26. This indicates that for roughly two weeks, the RLUSD Treasury did not produce or move any of those stablecoins. These transactions were carried out during testing phases of the new stablecoin prior to its release on the cryptocurrency market.

Previously, the CEO of Ripple, Brad Garlinghouse, expressed confidence that he intended to establish RLUSD as an exemplary standard for business-grade stablecoins. This new asset has been under development for approximately a year, and Ripple initiated testing it in a closed beta phase in August of this year.

Half billion XRP on move

This past week, a well-known crypto monitor, Whale Alert, identified two separate transactions of over 500 million XRP coins. The first transaction was for 100 million XRP, valued at approximately $53.27 million, while the second was for 470 million XRP, worth around $250.45 million. The origin and destination of these funds remain undisclosed as they were transferred from one wallet to another.

470 million units of XRP were moved by Ripple, a prominent blockchain company based in San Francisco, to an unidentified wallet, as indicated by data from the XRP-focused platform Bithomp. It’s noteworthy that Ripple regularly transfers XRP to its payment partners and institutional clients. Furthermore, the company often liquidates some of its XRP holdings, converting them into fiat currency to meet operational and legal expenses related to the ongoing SEC-Ripple lawsuit.

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2024-11-08 15:35