Despite an 8.2% decline against the US dollar this week, Ripple’s XRP has managed to hold its position above $2. Massive onchain XRP transactions garnered attention over the weekend, and RLUSD, the network’s stablecoin, rose to $53 million in market value.
Whale Warnings Arise
Due to the debut of RLUSD trading on major exchanges and rumors of a more lenient regulatory environment in the United States, XRP has made significant progress in recent weeks. However, following this week’s 8.2% decline, the cryptocurrency asset is currently trading at $2.18 per unit, mirroring the market’s overall decline.
XRP is still up 50.4% from 30 days ago despite this decline. The asset has lost about $0.50 per coin since December 17. 30 million XRP, worth $70.89 million, was taken out of the South Korean exchange Upbit on Saturday, December 21. Notably, 22% of XRP’s trading volume comes from South Korea.
Whale Alert’s blockchain monitoring system identified the transfer and, that same day, identified two significant transactions that Ripple had started. The company transferred 90 million XRP to unidentified wallets in two installments: 50 million XRP worth $111.69 million and 40 million XRP worth $89.67 million.
RLUSD from Ripple is ranked 37th.
Ripple’s fiat-backed cryptocurrency token, RLUSD, is another main attraction for enthusiasts. According to information from etherscan.io and coinmarketcap.com, there are 53 million RLUSD tokens on the Ethereum blockchain at the moment. The majority of the supply—39,298,912.01 RLUSD, or 73.87%—is in the Ripple Deployer wallet.
B2C2 Group, an institutional liquidity provider, is the second-largest holder with 3,039,391 RLUSD (5.71%). With 2,899,910 RLUSD, an unknown wallet comes in third place. Uphold is the fourth-largest holder with 2.28 million RLUSD and another 305,295 RLUSD in another wallet. Bitso, an exchange based in Mexico, completes the top five holders of RLUSD.
To date, the Ethereum blockchain has witnessed 1,396 onchain transfers for RLUSD. According to Coinmarketcap data, Bitso and Mercado Bitcoin, the biggest cryptocurrency exchange in Brazil, account for the majority of trading activity. With a market capitalization of $53 million, RLUSD is tied with the yield-bearing stablecoin Astherus (USDF) for 37th place among stablecoins. It still has a long way to go before it makes it into the top 10, where Paypal’s PYUSD is currently ranked tenth.
