Token influxes can cause price swings and investor mood in the volatile cryptocurrency market. The quick transfer of 20 million RLUSD, a stablecoin tied to the US Dollar, into exchanges and liquidity pools was notable. The crypto community is curious about how this occurrence may affect RLUSD and the market.
20 million RLUSD in the Crypto market
According to a previous article by U.Today, Ripple’s brand new Treasury product launched a week ago and is now listed by many cryptocurrency exchanges, has created and transferred around 17 million RLUSD. Anonymous Ripple wallets transferred less than a dozen batches of RLUSD. With some batches reaching nearly two million coins, According to the latest statistics from the Ripple Stablecoin Tracker X account, twenty hours ago, an additional three million RLUSD was transferred. With a market valuation of $ 53.1 million, the Ripple US stablecoin now ranks 2,943rd on the CoinMarketCap scale.
XRP transaction hits Coinbase
A large amount of XRP has been transferred to the leading US-based cryptocurrency exchange, Coinbase, thanks to Whale Alert, a popular blockchain sleuth that monitors major cryptocurrency transactions and shares them on social media. The “ anonymous ” wallet that initiated the transaction was linked to a Coinbase blockchain address. At the current price of $ 2.6507, X RP has almost completely lost these gains, a loss of 3.35 %.
Anun identified wallet transferred 30,171,667 XRP ( equivalent to $ 69,244,848 ) to the cryptocurrency trading platform Coinbase less than two hours ago, according to the mentioned blockchain data source. The surprising 5.34 % rise in XRP price on Tuesday was due to the traditional “ Christmas rally ” in financial markets.
What’s Next for RLUSD and the Market?
The influx of 20 million RLUSD is a clear indicator that the market is in a phase of heightened activity. While it remains to be seen whether this movement will cause an immediate price surge, it certainly adds liquidity to the market and positions RLUSD as an increasingly important asset in the crypto ecosystem.
Moving forward, investors will likely be watching how this influx of RLUSD impacts the prices of other cryptocurrencies. If a sustained rise follows in demand for assets, it could signal a bullish phase for the market. On the other hand, if the liquidity is withdrawn or used in response to broader market corrections, we might witness a period of increased volatility.
In conclusion, the rapid movement of 20 million RLUSD into the market highlights the ongoing evolution of the crypto landscape. Stablecoins continue to play a critical role in driving liquidity. Their influence over market movements will likely continue to grow. Investors and traders must stay alert. The potential implications of such movements as the market prepares for what could be a pivotal period in 2024.
Summary
After a large exchange increase in recent days, Ripple’s stablecoin, RLUSD, is becoming increasingly popular. Ripple Treasury created and transmitted some 17 million RLUSD last week. The $53.1 million market cap of RLUD ranks 2,943rd on CoinMarketCap. XRP transactions on Coinbase recently exceeded $69 million. The exchange’s blockchain address is enabled inside Coinbase wallet transfers for two-million-piece orders. Although XRP’s price rose recently owing to the “decathlon de Noël,” it has since regained most of its gains.
