The crypto community is abuzz as a massive transfer of over $175 million worth of XRP was reported in the last two hours. This movement coincides with XRP’s ongoing rally, fueled by the highly anticipated launch of Ripple’s RLUSD stablecoin.
Transaction Details
Blockchain tracking service Whale Alert flagged the transaction on X (formerly Twitter). It revealed that a whale transferred 69.3 million XRP, valued at approximately $175.8 million, to Binance, the world’s largest crypto exchange.
While large transfers to centralized exchanges (CEXs) often trigger concerns of sell-offs, further analysis by Bithomp, an XRP blockchain explorer, provided some clarity. The sending wallet is reportedly linked to Binance itself, suggesting the transfer may have been for internal fund management or portfolio rebalancing rather than a direct sell-off.
Additionally, earlier significant XRP movements were recorded. One transaction moved 800 million XRP, while others transferred 2.01 million and 5.85 million XRP, all seemingly linked to Binance’s internal activities.
XRP Rally Fueled by RLUSD Stablecoin Launch
The timing of these movements aligns with Ripple’s official announcement of its RLUSD stablecoin launch, set for December 17. Ripple confirmed the stablecoin would initially be listed on exchanges like Uphold, Bitso, CoinMena, MoonPay, and Archax, with more platforms expected to follow.
Following the announcement, XRP’s price surged 8%, reaching a high of $2.58. At the time of writing, XRP is trading at $2.65, reflecting an 11.21% increase over the last 24 hours.
Trading volume also spiked by 160% to $17.86 billion, boosting XRP’s market cap to $154 billion. This surge temporarily restored XRP’s position as the third-largest cryptocurrency, trailing only Bitcoin (BTC) and Ethereum (ETH).
Conclusion
The $175 million XRP transfer initially sparked sell-off fears, but evidence suggests it may be part of Binance’s internal operations. Meanwhile, Ripple’s RLUSD launch continues to excite the community, fueling XRP’s impressive price rally. If Ripple maintains momentum, XRP’s upward trajectory may persist, further solidifying its position in the market.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.