400 Million XRP in 24 hours – What's Happening?

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Popular blockchain sleuth Whale Alert, which tracks down large cryptocurrency transactions, has spotted several hefty consecutive transfers of the seventh biggest crypto in terms of market capitalization – XRP.

The crypto community reacted to those transfers with a rise in bullish sentiment.

Over 400 million XRP transferred mysteriously

According to the above-mentioned data source, slightly more than 400 million XRP were sent in five transfers, four of which were made consecutively between two blockchain addresses.

Three of those crypto chunks carried 95,000,000 XRP, worth $55,524,354 at the time of the making. The fourth one transferred 98,852,249 XRP evaluated at $57,776,166. These massive-in-size XRP transfers were sent between wallets ending in -1h7Bn and -zSoQbF.

Image via X

In total, $224.2 million worth of XRP was transferred in these four massive transactions. They look more like internal transactions of a platform or like a large cryptocurrency whale reshuffling their XRP stash. XRP enthusiasts in the comments shared their excitement and bullish takes on these transactions.

A total of 17,230,000 XRP were shoveled from an anonymous wallet to the Bitstamp exchange. The story is different here than with the aforementioned transfers.

According to the Bithomp XRP-centered explorer, this XRP chunk was sent to a major European exchange from a wallet that is affiliated with the Ripple blockchain juggernaut, likely as part of the platform’s collaboration on the Ripple Payments international money transfer project.

Ripple keeps testing RLUSD, issuing new batches

In the meantime, Ripple blockchain behemoth continues testing its dollar-pegged stablecoin, RLUSD.

As part of the trials, on Sept. 24, Ripple issued two batches of RLUSD, in 485 stablecoins each. It also burned 50 RLUSD x2 in the Ripple Treasury, according to the “Ripple Stablecoin Tracker” account on the X platform.

Ripple has been testing its stablecoin since August, planning to tap into this $2 trillion market, which is expected to increase to $2.8 trillion in value by 2028. Currently, the largest shares of this market have been taken by USD-backed stablecoin USDT issued by Tether, and USDC, created and run by Circle in collaboration with Coinbase.