Ripple Floods Market With RLUSD, Whale Transfers 30 Million XRP To Coinbase

A massive RLUSD batch has entered exchanges over the last three days.  20 million RLUSD goes to the cryptocurrency market. Ripple Treasury has created and moved about 17 million RLUSD this week. The new stablecoin product was introduced a week ago and is listed on numerous cryptocurrency exchanges.

 

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Ripple-affiliated anonymous wallets shoveled less than a dozen batches of RLUSD, some of which were nearly two million coins. A further 3,000,000 RLUSD were transferred in the last day, according to relatively recent data from the Ripple Stablecoin Tracker X account.

This time, XRP fans needed to pay attention because Whale Alert revealed a mysterious, extensive transfer of the tokens to Coinbase an American cryptocurrency exchange. The unknown wallet with the address “rBgEsEX” sent more than 30.17 million XRP, or roughly $69 million, to the Coinbase address “rUjfTQ.”

Market participants are primarily concerned that a sizable transfer from what looks to be an individual wallet to a major exchange may indicate an impending sell-off by a sizable, unidentified entity. On the other hand, cryptocurrency enthusiasts see it as a whale purchasing and taking assets out of the centralized exchange to hold in their own hands.

Price action shows that a critical support level for XRP is getting closer to $2.26,  A breakout could happen and push XRP closer to the $2.4 range.

However, the recent volume decline suggests that there isn’t much momentum in either direction. This creates a special situation for traders; many are holding off on opening new positions until there is a clear breakout above $2.30 or a decline below the crucial support.

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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