As a seasoned researcher who has closely followed the crypto market for years, I must admit that the recent $915 million XRP transfer by Ripple has certainly caught my attention. The sheer scale of this transaction and its timing, just after the NYDFS approval for RLUSD, is intriguing.
Latest Update: A significant transfer of XRP by Ripple has ignited market buzz, coinciding with a rise in the price of its associated token. The digital currency company moved 380 million XRP, equivalent to over $915 million, into a wallet, stirring debates about how this might influence the asset’s worth. Moreover, this action follows swiftly on the heels of Ripple receiving 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”.
It’s worth mentioning that this isn’t the first time the company has made such transactions; these past actions have added to the rumors swirling around. Some interpret this latest transaction as a sale by the blockchain firm, while others believe it could be an internal transfer. As per XRPScan data, the account was initially activated by Ripple (50).
As an analyst, I’ve observed some significant XRP transactions lately, sparking conversations within the market. For instance, a transfer of 200 million XRP, approximately equivalent to $485.37 million, was traced to an unidentified wallet with the address “rJqiM…La8nE”. Interestingly, this same address appears to be linked to a Ripple (50) account, according to XRPScan’s findings.
Moreover, a transaction of approximately 60 million XRP tokens, valued at around $145 million, was observed moving between two unidentified wallets, adding more fuel to ongoing discussions. It’s also important to mention that these specific addresses are listed among the top accounts with the highest XRP balances on XRPScan.
Speculations Soar Amid RLUSD Optimism
Discussions about cryptocurrency transactions have sparked across the community due to an influx of them. Many crypto market fans are eagerly seeking explanations for these transfers. Yet, many of these transfers seem to be internal activities, suggesting they may not significantly influence prices.
It’s worth mentioning that Ripple has carried out similar internal transactions in the past. Interestingly, the overall market feeling seemed unfazed by recent transfers, as suggested by the current price chart. As I write this, the XRP price has climbed over 5% to $2.43, and its daily trading volume decreased by about 45% to reach $13 billion.
1) The cryptocurrency reached its highest point in the past 24 hours at $2.48 and saw an increase of 265% over the last month. Additionally, data from CoinGlass suggests that interest in XRP Futures contracts increased by 11%, demonstrating significant market faith in Ripple’s digital currency. On top of that, a well-known market analyst has forecasted a potential rise to $5 for this cryptocurrency as long as it maintains a crucial support level.
Simultaneously, Ripple Labs received approval for their RLUSD stablecoin from the New York Department of Financial Services. This news was widely praised within the cryptocurrency community, particularly since Donald Trump’s election victory fueled optimism about favorable crypto regulations in the U.S.
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2024-12-12 12:28