Popular blockchain detective Whale Alert, which tracks large cryptocurrency transactions, has detected several consecutive large transfers of the seventh-largest cryptocurrency by market cap – XRP.
The crypto community reacted to these transfers with an increase in bullish sentiment.
Over 400 Million XRP Mysteriously Transferred
According to the data source mentioned above, just over 400 million XRP were sent in five transfers, four of which were made consecutively between two blockchain addresses.
Three of these chunks of crypto carried 95,000,000 XRP, worth $55,524,354 at the time of creation. The fourth transferred 98,852,249 XRP valued at $57,776,166. These massively sized XRP transfers were sent between wallets ending in -1h7Bn and -zSoQbF.
In total, $224.2 million worth of XRP was
transferred in these four massive transactions. They look more like internal transactions from a platform or a large crypto whale reorganizing its XRP stash. XRP enthusiasts in the comments shared their excitement and bullish views on these transactions.
A total of 17,230,000 XRP was withdrawn from an anonymous wallet to the Bitstamp exchange. The story is different here than with the transfers mentioned above.
According to Bithomp's XRP-centric explorer, this chunk of XRP was sent to a major European exchange from a wallet that is affiliated with blockchain giant Ripple, likely as part of the platform's collaboration on the Ripple Payments international money transfer project.
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Ripple Continues Testing RLUSD, Issuing New Batches
Meanwhile, blockchain giant Ripple continues to test its dollar-pegged stablecoin, RLUSD.
As part of the test, Ripple issued two batches of RLUSD on September 24, worth 485 stablecoins each. It also burned 50 RLUSD x2 in the Ripple Treasury, according to the “Ripple Stablecoin Tracker” account on the X platform.
Ripple has been testing its stablecoin since August, planning to tap into this $2 trillion market, which is expected to grow to $2.8 trillion by 2028. Currently, the largest market shares are occupied by the USD-backed stablecoin USDT, issued by Tether, and USDC, created and managed by Circle in collaboration with Coinbase.
