Ripple Labs recently moved 300 million XRP, valued at approximately $690 million, in a transaction completed on January 9. The funds were sent from the Ripple account to a previously unlabelled intermediary address as part of the company’s ongoing monthly release of tokens. In the late hours of Thursday, Ripple transferred the tokens to an unnamed address, “ rP4X2hTa7A7udDbE6wczXvPz7XZ63sKxv3 ,” often used to facilitate the further distribution of XRP once it is unlocked. This practice is a familiar pattern for the now stablecoin-issuing company, with the tokens being gradually released and distributed across exchanges. Ripple continues with the ‘XRP Unlock Strategy’ The timing of the transaction and its scale reflect the company’s broader strategy for managing its XRP reserves. Ripple has faced increasing scrutiny over its sale of XRP, with concerns about the impact such large movements may have on market prices. The market response to the event has been mixed, with the token price experiencing an up-and-down movement on the 24-hour trading charts. As of the latest data, XRP is trading around the $2.28-$2.30 level, marking a 4.52% decrease over the past week but a 1.5% uptick in the last day. The coin briefly changed hands below $2.26 today before quickly retracing its steps back to its current prices. XRP 7-day trading chart. Source: TradingView XRP saw a remarkable surge in 2024, rising roughly 360% from $0.50 to its current price. Analysts believe its performance is partly fueled by its positioning in relation to other cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), which have been struggling to get back to end-2024 highs. On the Coinbase premium indicator, XRP was among three tokens that surged as Bitcoin rose to new all-time highs above $108,000 in December. Coinbase Premium Indicator on XRP, XLM, and DOGE. Source: TradingView. However, momentum waned later in the month as the market reacted to expectations of a more hawkish stance from the U.S. Federal Reserve, dampening bullish sentiment in the altcoin market. Ripple’s stablecoin ambitions grow Ripple Labs is also looking to expand beyond its core token, XRP, with the recent launch of its US dollar-pegged stablecoin, RLUSD . The blockchain startup’s senior vice president of stablecoins, Jack McDonald, outlined the company’s goal to have RLUSD listed on more major exchanges. McDonald emphasized that listing a stablecoin involves technical and regulatory considerations, particularly the need for exchanges to support multiple blockchain networks like Ethereum and the XRP Ledger, where RLUSD is currently available. While McDonald did not speculate on which exchanges would list RLUSD, he expressed confidence that more will come by the end of 2025. Bitstamp has already confirmed its support for the stablecoin, signalling the market’s growing interest in RLUSD’s potential. McDonald also acknowledged that strategic partnerships would play a significant role in getting RLUSD listed on major platforms. Exchanges such as Coinbase and Binance have exclusive relationships with other stablecoins, like Coinbase’s USDC and Binance’s FDUSD. He believes that Coinbase might eventually expand its stablecoin offerings to include RLUSD. RLUSD is looking to peak the markets of established stablecoins like Tether (USDT) and USD Coin (USDC). The stablecoin is likely focusing on building liquidity and regulatory approval, looking to take advantage of Tether’s troubles with the Markets in Crypto-Assets Regulation rules in the EU. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
