Ripple Transfers 64 Million XRP and Develops New Stablecoin

70 Million XRP Sold as Ripple Unlocks One Billion from Escrow

Recent tweets by Whale Alert, a popular blockchain sleuth tracking large cryptocurrency transfers, reported four massive XRP transactions within the last 24 hours. Consequently, almost 160 million XRP coins changed hands. Meanwhile, XRP, the seventh largest cryptocurrency, experienced a mild 3% price surge overnight.

Whales Activate with 156 Million XRP on the Move

The data source detected four significant crypto transactions involving large XRP amounts. Two of these withdrawals occurred on the Binance exchange, with 43,894,329 XRP valued at $20,860,666 and 48,270,270 XRP worth $23,055,620. Both transfers were directed to anonymous blockchain addresses. 

According to Whale Alert, the first transaction occurred approximately 22 hours ago, followed by the second one nearly five hours ago. Bithomp XRP explorer revealed that crypto wallets linked to Binance received both XRP chunks. This fact suggests these were likely internal transfers by the trading platform to redistribute its XRP holdings. Moreover, the crypto tracker observed 32,710,000 XRP moved to Bitso, the largest Latin America-based exchange, and 31,185,000 XRP transferred to Bitstamp. 

Related article: XRP to Surge 6x in Coming Months, According to Seasoned Trader

These transactions represented fiat equivalents of $15,466,399 and $14,742,502, respectively. The other two XRP transfers originated from wallets linked to Ripple, the cryptocurrency decacorn. Notably, Bitstamp and Bitso are among the exchanges collaborating with Ripple on its transnational payments system, formerly known as On-Demand Liquidity, and recently rebranded as Ripple Payments.

Ripple’s Expansion Into The Stablecoin Market

In addition, Ripple is developing its own U.S. dollar-backed stablecoin. The current stablecoin market stands at $150 billion, and Ripple aims to capture a share of this market, projected to grow to $2.8-$3 trillion within four years. 

Related article: Xrp (XRP) Price Prediction 2024, 2025, 2030, 2035 | Can XRP Hit $3?

Reece Merrick, Ripple’s Middle East and Africa Managing Director, recently stated in an interview that Ripple is prepared to take this significant step. He emphasized that this expansion is a logical move for the company.

The recent large XRP transactions and Ripple’s strategic initiatives highlight the dynamic nature of the cryptocurrency market and Ripple’s ambition to expand its influence within it.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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