A colossal XRP transfer valued at nearly $200 million recently caught the attention of crypto enthusiasts. Whale Alert, a prominent crypto tracking platform, reported that 69.3 million XRP tokens were sent to Binance, the world’s largest centralized crypto exchange. The transfer occurred as XRP’s price surged by 9.33% since Monday, with the token currently trading at $2.57.
The source revealed that less than two hours before the report, an unidentified whale initiated the transaction. The transferred XRP was worth $175.8 million at the time. This sparked community debates, with some believing it hinted at an upcoming price pump, while others speculated a potential sell-off might be on the horizon.
Bithomp Identifies Internal Transaction
XRP analytics platform Bithomp later clarified that the transfer was an internal Binance transaction. The exchange linked the whale’s wallet to Binance, confirming it was reorganizing its XRP holdings.
Related article: XRP on the Edge: Is a Bullish Breakout Imminent?
Earlier this week, Bithomp reported two significant XRP withdrawals from Binance—800 million XRP and 120 million XRP. These batches, valued at $1.9 billion and $283 million respectively, were moved to Binance-affiliated wallets as part of its internal reshuffling strategy.
Ripple to Launch USD Stablecoin RLUSD
In other developments, Ripple announced the launch date of its new USD stablecoin, RLUSD. The asset’s official rollout is set for December 17, after which it will be available for trading on various crypto exchanges. One confirmed platform to list RLUSD is Bitstamp.
Related article: Ripple’s RLUSD Stablecoin Inches Closer to Market Launch
Ripple CEO Brad Garlinghouse recently revealed that the RLUSD had secured final approval from the New York State Department of Financial Services (NYDFS). To prepare for the launch, the Ripple Treasury minted 13 million RLUSD tokens last week. This move signifies Ripple’s entry into the growing stablecoin market, with expectations for increased liquidity and broader adoption on the horizon.
The recent internal transfer of 69.3 million XRP to Binance and the upcoming launch of Ripple’s RLUSD stablecoin mark significant events in the crypto space. While the transfer raised speculation within the community, Bithomp’s analysis confirmed it was a routine internal transaction. Meanwhile, Ripple’s introduction of RLUSD could further solidify its position in the blockchain and crypto payments industry.
