Ripple Stuns Market With Mysterious 60,000,000 XRP Move as Price 10% Up

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As an analyst with over two decades of experience in the financial industry, I have witnessed numerous market movements that seemed mysterious at first glance but ultimately proved to be rational actions by market participants. The recent large-scale XRP transfers monitored by Whale Alert and associated with Ripple are no exception.

Notable cryptocurrency tracking service, Whale Alert, has announced the detection of a puzzling XRP transfer activity over the past day.

Information from an explorer specializing in XRP reveals that over $100 million worth of XRP was moved involving Ripple’s significant presence. This event occurred concurrently with a nearly 10% increase in the overnight price of XRP. At the moment, XRP is trading at around $2.44.

60,000,000 XRP on move — where from and where to?

According to Whale Alert, there was a significant transfer of 60 million XRP coins from one unidentified wallet to another, worth approximately $144.67 million when the transaction was executed.

🚨 🚨 🚨 🚨 🚨 🚨 60,000,000 #XRP (144,669,520 USD) transferred from unknown wallet to unknown wallet

— Whale Alert (@whale_alert) December 13, 2024

According to information from Bithomp, it appears that a Ripple-associated wallet based in San Francisco started a transaction. This transfer was directed towards an unidentified wallet, which received two sets of 15 million XRP on December 9th.

Previously, in a similar fashion, Ripple made use of unidentified digital wallets to transfer 99 million XRP on a Friday. This action left the XRP community astonished as two significant transactions took place, adding up to over half a billion XRP collectively – with 380 million and 200 million XRP respectively, according to an earlier report from U.Today.

Ripple mints 13 million RLUSD ahead of official release

This week, Ripple produced two substantial amounts of its newly developed digital currency – the Ripple USD stablecoin. Following approval for listing and trading by the New York State Department of Financial Services (NYDFS), Rippe’s CEO Brad Garlinghouse stated that the stablecoin will be made available to the public shortly.

As covered by U.Today, on Dec. 13, the Ripple USD Treasury minted 10,399,000 and 2,600,000 RLUSD.

Initially, Ripple disclosed their plans for a new product back in March of this year. Subsequently, they revealed that they were conducting closed beta tests for it in August. Later, in the autumn, there was talk that RLUSD would be available on both the XRP Ledger and Ethereum platform. More recently, Justin Sun, the founder of Tron, hinted that RLUSD might also become accessible on his blockchain soon. However, Ripple’s top officials have remained tight-lipped about the matter, leaving both the executives and the community in the dark without any confirmation or explanation.

At present, the worldwide market for stablecoins is nearly worth $200 billion, and experts forecast that within approximately four years, its value could surge to a staggering $2.8 trillion.

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2024-12-14 14:37