American blockchain payments firm Ripple Labs Inc. has transferred 300,000,000 XRP from one of its internal wallets to an anonymous one. Known for related transactions, the market is now left wondering what Ripple is up to with this new move.
Ripple and XRP Transfer Consistency
According to data insight from Whale Alert, the payments company transferred 300,000,000 units. This total XRP moved is valued at $682,584,540, implying that each coin was moved at an average price of $2.275.
300,000,000 #XRP (682,584,540 USD) transferred from #Ripple to unknown wallethttps://t.co/d5Vu4aasU6
— Whale Alert (@whale_alert) January 9, 2025
According to the bithomp explorer, the Ripple address received a 300 million XRP inflow on New Year’s Day. This is likely the XRP Ripple Labs transferred, as spotted today. As reported earlier by Coingape, this latest transfer marks one of the high-profile transactions initiated since a major escrow fund movement earlier this month.
At the time, the escrow movement and whale activity led to the XRP price jumping 15%. This shows why large Ripple transactions can impact XRP’s market sentiment.
Meanwhile, the motive behind the latest transfer remains unknown. Still, this particular wallet has activated a series of addresses for Ripple, implying it is likely used for general-purpose transactions.
The Push for XRP Utility
Since its inception, XRP has occupied a pivotal position as a payments firm in Ripple Labs’ business. On its part, the company is helping to develop the coin’s ecosystem in different ways.
Besides the liquidity control through the escrow releases, the firm is also developing the XRP Ledger. As a smart contract protocol, the XRPL has gained widespread adoption amid sustained upgrades from core developers.
Recent rumors even suggested Bitstamp may be building an exchange on XRPL. In addition, the advent of the RLUSD stablecoin on both the XRP Ledger and Ethereum has further solidified the utility push for the coin.
Beyond Retail Traders, the ETF Pursuit
The broader crypto ecosystem expects a regulatory turnaround once President-elect Donald Trump is sworn into office. One of the major signs of this shift is the expectation for the approval of new crypto ETF products.
While Bitcoin and Ethereum ETF launched in 2024, top asset managers have filed for altcoin alternatives, expecting XRP ETF approval. If approved by the US SEC, this product will expose the coin to more whale-like transactions.
Ultimately, this can impact the long-term growth prospect of XRP as an asset.
The post Ripple Labs Moves 300 Million XRP, What’s Happening? appeared first on CoinGape.
