- Ripple Labs has moved an enormous amount of XRP, sparking community speculations.
- The transfers come when the firm is close to launching RLUSD stablecoin.
Blockchain payment firm Ripple Labs Inc. recently transferred 380 million XRP, valued at over $915 million, to an unknown wallet. This move has raised discussion within the crypto community regarding the impact on the price of XRP, Ripple’s associated native token. The news also comes on the heels of the approval of Ripple’s stablecoin, RLUSD.
Details of Ripple’s 380M XRP Transfer
On December 11, Ripple moved 380 million XRP coins to an unknown wallet, “rP4X2….sKxv3,” according to the onchain transaction tracking platform, Whale Alert. The transferred XRP coins, valued at $915 million at the time, have now increased to over $923 million following surging price movement.
380,000,000 #XRP (915,171,133 USD) transferred from #Ripple to unknown wallethttps://t.co/2HhQMdiNGS
— Whale Alert (@whale_alert) December 11, 2024
It is important to note Ripple has made similar transfers in the past. CNF reported that Ripple moved 470 million XRP tokens ($250.45 million) on November 6. Subsequently, the receiving wallet transferred 100 million XRP to a different address. Before this transaction, Ripple transferred 30,000,000 XRP to an unknown wallet valued at about $15.9 million.
These transactions have helped ignite current market speculations. Many see the latest XRP transfer as an internal movement, while others argue it is a selling move from Ripple. Besides the 380 million XRP, some other large transfers were also recently spotted. One such transaction involved 200 million XRP coins transferred from the same wallet to an unknown wallet, “rJqiM…La8nE.” However, XRPScan revealed that this address belongs to a Ripple-linked account.
XRPScan also spotted another 60 million XRP, worth about $145 million, transferred between two unknown wallets. Notably, both these addresses belong to the “Top accounts by XRP balance” list on XRPScan.
Ripple Gears Up for Stablecoin Launch
The transfers have sparked debate in the broader crypto sector, with several market participants looking for a possible explanation. However, most of the transfers seem like internal movements. Ripple is likely moving the XRP coins in preparation for its RLUSD stablecoin launch.
As revealed in a CNF report, Ripple has received approval from the New York Department of Financial Services (NYDFS). Ripple said the stablecoin launch will help expand its presence in the global financial ecosystem. It also positions the blockchain firm to compete with leading stablecoin issuers, including Tether’s USDT and Circle’s USDC.
RLUSD aims to improve liquidity by utilizing XRP to facilitate quicker payments. Ripple has partnered with exchanges, including Bisto, Uphold, and Bitstamp, to enable widespread adoption.
Anticipations surrounding the launch of RLUSD have helped to fuel optimistic market sentiments, as evidenced by the current price chart. As of writing, the price of XRP increased by over 1.62% within the last 24 hours to $2.42. The daily trading volume, however, slipped 49% to $12 billion.
