Whale Alert, a widely-known blockchain tracking platform renowned for monitoring and reporting substantial cryptocurrency transactions, has recently detected several massive XRP transfers. The three substantial movements carried nearly 190 million XRP. Intriguingly, two-thirds of this hefty sum were shifted between anonymous wallets, highlighting the enigmatic nature of the crypto landscape.
In the wake of these transfers, the XRP price has experienced a renaissance, skyrocketing by approximately 21% over the past 24 hours.
The considerable transactions detected by Whale Alert comprised almost 183 million XRP. The most substantial single transfer carried 99,999,977 XRP, equivalent to $222,109,105. The other two transfers consisted of 52,765,919 XRP ($118,291,144) and 30,000,000 XRP ($70,897,571). Combined, the fiat equivalent of these crypto transactions exceeds $411.1 million.
The smallest of these transactions originated from the Uphold exchange, ending in an anonymous wallet. The other two sizeable XRP transfers navigated between unidentified blockchain addresses.
Bithomp, an XRP-centric explorer, provides additional insight into these transactions. The largest transfer of 99.9 million XRP originated from a wallet associated with Ripple, the blockchain giant, and ended in another wallet loosely affiliated with the same company.
Earlier this week, Ripple sparked headlines by transferring nearly half a billion U.S. dollars in XRP, with a portion of the transfer going to Binance, the world’s largest exchange.
The XRP community has reacted with a mixture of speculation and intrigue. Some suggest that these transactions could be an over-the-counter (OTC) sale, while others theorize that an anonymous whale investor seized the opportunity presented by the recent dip in XRP price, which occurred in tandem with a significant Bitcoin drop.
In terms of market performance, XRP, currently the fourth-largest cryptocurrency, has witnessed an impressive recovery of approximately 21.48% following yesterday’s precipitous price drop. Despite a small drawdown after reaching a local high of $2.37 per coin, XRP currently trades at $2.30.
Ripple, the behemoth behind XRP, has also made headlines this week with the official launch of its new product, the RLUSD stablecoin. Pegged to the U.S. dollar and backed by dollars, U.S. Treasuries, and cash equivalents, RLUSD is Ripple’s competitive entry into the $160 billion stablecoin market. This market, dominated by giants Tether (USDT) and Circle (USDC), is projected to skyrocket to $3 trillion by 2028.