A significant XRP transaction has been tracked by on-chain sleuths, moving a staggering 800 million XRP coins to another wallet in one day. Notably, this transaction came just before the RLUSD stablecoin launch frenzy that has rocked the XRP market.
36crypto previously announced that Ripple is set to launch the stablecoin on December 17. Meanwhile, the transaction has raised speculations across the XRP community, as members speculate about the purpose and the timing of the movement.
800 Million XRP on the Move
Whale Alert, a prominent crypto large transaction tracker, first reported the movement, noting that the large investor shifted 800,000,000 XRP, valued at $1.92 billion from the largest crypto exchange, Binance, to an external wallet labeled ‘unknown.’ Following a closer look at the on-chain transaction detail, we discovered that the receiving wallet ‘rpz2…4iNf’ is an active receiver of XRP.
Read Also: What is RLUSD? Everything You Need to Know About Ripple’s Stablecoin
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Source: Whale Alert/X
A previous transaction, as per XRP Explorer, shows a receipt of 2.01 million and 5.85 million XRP on Dec 3, and 10 respectively. Before that, the wallet received 1.23 million XRP on Nov 26. Sizeable transactions such as this, are often perceived as bullish since they are sent to external wallets. Conversely, when tokens are sent to centralized exchanges, they are interpreted as bearish particularly because of the possibility of a sell-off on the platform.
Transaction Initaited by Binance?
Meanwhile, a popular member of the XRP community, Brett, reported the same transaction, however, highlighting that the movement was between two Binance wallets, suggesting that it might be part of the exchange’s internal fund management activities, and not some large investor stocking up XRP for the long-term.
When exchanges move cryptocurrencies of this magnitude, it is often for several purposes including optimizing liquidity, enhancing security, or rebalancing funds across its wallets. They are mostly not related to market events or manipulations. While whales might move cryptocurrencies between wallets as part of a buy or sell event, movements from crypto exchanges hardly impact market trajectory.
Meanwhile, the price of XRP has reacted positively especially because of the imminent launch of RLUSD. According to on-chain data, XRP traded as high as $2.56 before dropping to its current price of $2.46. Ripple disclosed that RLUSD would be available on major exchanges like Uphold, Bitstamp, Bitso, CoinMena, and Moonpay while ignoring top exchanges like Binance, Bybit, and Coinbase at the early stages.
Read Also: RLUSD Launch Creates Buzz as Early Pricing Surges Beyond Expectations
