XRP Whales Move 81M Coins As RLUSD Launch Sparks Market Interest

• XRP whales transfer 81 million coins to the crypto exchanges amid Ripple’s legal battle with the US SEC.  
• Whales’ actions raised concerns in the market.
• Ripple’s RLUSD stablecoin can enhance XRPL’s liquidity to draw institutional interest.

Recently, XRP whales have moved large amounts of tokens after Ripple’s recent cross-appeal filing against the U.S. SEC. Around 81 million coins were sent to crypto exchanges over the past day. 

The actions of whales led to the price surge in XRP tokens. Also, this incident has sparked concerns among investors in the market. 

Ripple Labs has been embroiled in a legal battle with the US SEC since December 2020. The SEC alleges that Ripple conducted an unregistered securities offering by selling XRP. 

The market remains positive regarding Ripple’s legal strategies and the upcoming stablecoin RLUSD launch.

XRP Whale Transfers 81 Million Coins

On October 11, XRP whales transferred 81.56 million XRP tokens to various crypto exchanges. This news is revealed by the blockchain tracking platform Whale Alert. 

In one case, 52 million XRP were transferred to the Bybit exchange from a wallet with the tag rGd..p1k. The transaction value was $27,830,000. 

The other recorded transfer involved 29.56 million XRP. This is equivalent to $15.62 Million from one wallet to Bitso.

This move has provoked fear of selling pressure in the market. However, the market remains positive on Ripple’s legal strategies and the upcoming RLUSD stablecoin. 

These large transfers suggest that whales are potentially liquidating their XRP.  Also, whales’ actions have raised concerns regarding the near-term sentiment among the largest XRP holders.

XRP Price Rises Despite Whale Activity

There is a surge in XRP’s price despite whale dumps. It showed optimism in light of Ripple’s cross-appeal filing against the US SEC. XRP’s price has risen 1% over the past day. Now, the XRP price is currently trading around the $0.50 mark.

Some market analysts have compared the current market for XRP with the previous market trends. LUDXRPFLR is a popular analyst on Twitter with the nickname Helkin Ashi.

He noted that XRP has specific patterns in its price dynamics. He further indicated that the asset will likely break through the current range. 

Ashi recalled previous periods when XRP had long bear markets and sharp rallies. It rose from $0.0055 in early 2017 to $3.84 in early 2018.

In Ashi’s view, the current side-way movement of XRP can be like the past trends seen right after major highs. This suggests the currency is well-positioned and is poised to experience another massive price surge. 

Impact Of RLUSD Launch On XRP’s Future

Many crypto analysts are hoping for a price surge in XRP after the release of Ripple’s RLUSD stablecoin. XRP price is expected to reach new heights of $10 after the RLUSD launch. The stablecoin can positively impact XRP’s future by boosting its adoption.

Crypto market commentator Levi said that adopting RLUSD stablecoin can significantly enhance the XRP Ledger. This stablecoin can bring more liquidity and trading volume to the platform. 

Ripple’s President, Monica Long, pointed out that RLUSD and XRP differ in their function within the payment system. However, both tokens can help boost the XRP Ledger traffic.

Disclaimer

This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their own research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.