Whale Alert, a company that specializes in tracking large cryptocurrency transactions, has detected several consecutive massive transfers of the seventh-largest cryptocurrency by market cap - XRP.
The cryptocurrency community responded to these transfers with a surge in bullish sentiment.
Over 400 Million XRP Mysteriously Transferred
According to the above data source, just over 400 million XRP were sent in five transfers, four of which were made consecutively between two blockchain addresses.
Three of these coins held 95,000,000 XRP, worth $55,524,354 at the time of their creation. The fourth coin moved 98,852,249 XRP, worth $57,776,166. These massive XRP transfers were sent between wallets ending in -1h7Bn and -zSoQbF.
In total, $224.2 million worth of XRP was moved in these four massive transactions. These transactions look more like internal exchange transactions or like a large crypto whale reordering its XRP holdings. XRP enthusiasts shared their excitement and bullish expectations for these transactions in the comments.
A total of 17,230,000 XRP were transferred from an anonymous wallet to the Bitstamp exchange. The story here is different from the transfers mentioned above.
According to XRP-focused explorer Bithomp, this chunk of XRP was sent to a major European exchange from a wallet belonging to blockchain giant Ripple, likely as part of the platform’s collaboration on the international money transfer project Ripple Payments.
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Ripple continues to test RLUSD and release new batches
Meanwhile, blockchain giant Ripple continues to test its dollar-pegged stablecoin, RLUSD.
As part of the experiment, Ripple issued two batches of RLUSD on September 24, at 485 stablecoins each. It also burned 50 RLUSD x2 into the Ripple Treasury, according to the Ripple Stablecoin Tracker account on the X platform.
Ripple has been testing its stablecoin since August, and plans to tap into this $2 trillion market, which is expected to grow to $2.8 trillion by 2028. Currently, the largest share of this market is captured by USDT, a USD-backed stablecoin issued by Tether, and USDC, created and managed by Circle in collaboration with Coinbase.
