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According to on-chain data, Ripple has transferred a significant amount of XRP to unknown wallets, attracting interest from the cryptocurrency community. According to blockchain data tracker Whale Alert, Ripple shifted a total of 90 million XRP in two separate transactions within the last 24 hours.
The first transaction involved the transfer of 50 million XRP, worth around $111,697,462, moved by Ripple to another unknown wallet. Shortly after, a second transaction saw 40 million XRP, valued at $89,678,944, sent from Ripple to an unknown wallet.
Tomiwabold OlajideInterestingly, these transactions come amid a period of increased volatility in the market. XRP is holding steady above key support levels, following the massive sell-off in the past week. At the time of writing, XRP's price was up 2.12% in the last 24 hours to $2.27, recovering from earlier losses amid broader investors' caution toward risk assets.
XRP dipped to lows of $2.17 in Sunday's session before slightly recovering to highs of $2.29. Despite the recent market sell-off, XRP remains up 266% yearly.
What's going on?
While the exact reasons behind Ripple's 90 million XRP transfer are unknown, large-scale transfers often present a few potential scenarios.
Such movements may be related to routine liquidity operations or preparations for on-demand liquidity (ODL) services. Another possibility is wallet restructuring or internal fund management.
Large transfers to unknown wallets, which are not linked to crypto exchanges, might suggest buying; if this is the case, whales or institutional players might be accumulating XRP.
The timing of the transfers is noteworthy, coinciding with a period of market volatility that saw several crypto assets trade at a discount and days following RLUSD launch.
Ripple USD (RLUSD) stablecoin went live on global exchanges Dec. 17 in a major milestone for Ripple and the crypto community. Described as an "enterprise-grade stablecoin," the Ripple USD (RLUSD) introduces a top-tier, fully-backed U.S. dollar stablecoin to XRP Ledger, combining fiat stability with blockchain efficiency.
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