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

Batches of the new Ripple-affiliated stablecoin, RLUSD, have entered cryptocurrency exchanges over the last three days, with 20 million coins hitting the market.

Out of the total, Ripple Treasury has created and moved about 17 million RLUSD this week. The stablecoin product was introduced a week ago and is now listed on several cryptocurrency exchanges.

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

Meanwhile, XRP fans had something to watch as Whale Alert picked up a massive transfer of the tokens to Coinbase, an American cryptocurrency exchange, according to the service’s recent detection. The unknown wallet with the address “rBgEsEX” sent more than 30.17 million XRP, or roughly $69 million, to the Coinbase address “rUjfTQ.”

A large transfer from what appears to be an individual wallet to a major exchange mainly concerns market participants, which could indicate an upcoming sell-off by a large, unidentified entity. On the other hand, cryptocurrency enthusiasts see it as a whale purchasing and withdrawing assets from the centralized exchange to hold in their own hands.

The price action shows that a critical support level for XRP is approaching at $2.26. A breakout could occur, pushing XRP closer to the $2.4 range.

However, the recent decline in volume suggests that there isn’t much momentum in either direction. This creates a unique situation for traders, as many are refraining from opening new positions until there is a clear breakout above $2.30 or a decline below the critical support.