XRP News: Ripple has recently conducted a large-scale transfer of XRP, sparking market speculation amid the surge in its native token price. The blockchain company has transferred 380 million XRP (worth over $915 million) to a wallet, raising discussions about its potential impact on asset value. Furthermore, the company has just received approval from NYDFS for its stablecoin RLUSD.
XRP News: Ripple's transfer of tokens worth $915 million sparks speculation.
In the latest XRP news, Ripple conducted a large-scale transfer of XRP, triggering market speculation. According to a recent report from on-chain transaction tracking platform Whale Alert, the blockchain company has transferred 380 million XRP (worth $915.17 million) to an unknown wallet 'rP4X2….sKxv3'.
It is noteworthy that the company has previously conducted similar transfers, further fueling speculation. While many believe this transfer is a sell-off by the blockchain company, others consider it an internal transfer. According to data from XRPScan, the address was activated by Ripple (50).
Meanwhile, there have also been some large XRP transfers recently, sparking market discussions. Background information shows that the same address transferred 200 million XRP to an unknown wallet 'rJqiM…La8nE', worth approximately $485.37 million. However, XRPScan shows that the address belongs to a Ripple (50) account.
Additionally, another 60 million tokens (worth approximately $145 million) were transferred to two unknown wallets, further sparking discussion. Notably, both addresses are listed among the 'top accounts by XRP balance' on XRPScan.
RLUSD optimism drives speculation activity to surge.
These transfers have sparked widespread discussion in the cryptocurrency space, with many market enthusiasts seeking potential reasons behind the transfers. However, it seems that most of the transfers are internal transfers, which are unlikely to affect the price.
It is worth noting that Ripple has also conducted similar internal transactions in the past. Additionally, despite the recent transfers, market sentiment seems to remain high, as evidenced by the current price charts. At the time of writing, the XRP price has risen over 5%, trading at 2.43, with daily trading volume down 45% to $13 billion.
The cryptocurrency has reached a 24-hour high of $2.48, with a monthly increase of 265%. Additionally, CoinGlass data shows that XRP futures open interest has risen by 11%, indicating strong market confidence in Ripple's native cryptocurrency. Furthermore, a top market expert recently predicted that if the cryptocurrency maintains above key support levels, its price could rise to $5.
Meanwhile, Ripple Labs' RLUSD stablecoin has received approval from the New York Department of Financial Services (NYDFS), driving this rise. This development has been widely praised by the cryptocurrency community, especially following Donald Trump's victory in the election, which has heightened optimism regarding cryptocurrency regulation in the United States.
