Ripple, a San Francisco-based blockchain company, recently
transferred $682 million worth of XRP to an unknown wallet, according to data
from Whale Alert, a service that tracks large cryptocurrency transactions.
Meanwhile, XRPUSD has been moving upward on the intraday
charts following a decline yesterday (Thursday).
XRP Transfer Marks First Major Move Since December
This marks the company’s first major transfer since December
21, when it sent over $200 million XRP in two transactions. The latest transfer
surpasses the total amount Ripple sent in December.
Ripple CEO Brad Garlinghouse has confirmed the company holds
more than $100 billion worth of XRP tokens, which he suggests should be
considered when valuing the company, as reported by U.Today.
🚨 BREAKING:300,000,000 #XRP WORTH $682,584,540 WERE TRANSFERRED BY RIPPLE ITSELF TO AN UNKNOWN WALLET! 💵💱💴 WHAT IS GOING ON BEHIND THE SCENES? 🧐https://t.co/94b8w2i9s6 pic.twitter.com/L7n0tooLog
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) January 9, 2025
XRPUSD Holds Support, Eyes Bullish Rebound
XRPUSD experienced a bearish session yesterday. On the H1
chart, the price attempted to breach the 2.26150 level but retreated to the
support level. Currently, the price is moving upward at a moderate pace. A
bearish breakout below 2.26150 could push the price lower. However, if the
support holds, XRPUSD may end up having a bullish day.
Ripple’s Developments: High-Profile Meetings and
Strategic Partnerships
Recently, Ripple has garnered attention due to a series of
notable developments. CEO Garlinghouse and Chief Legal Officer Stuart Alderoty attended
a private dinner with President-elect Donald Trump on January 6, which
Garlinghouse described on social media as a positive start to 2025.
This high-profile meeting has sparked further speculation
about Ripple’s ongoing legal battle with the US Securities and Exchange
Commission (SEC), which filed a lawsuit against the company in December 2020.
The lawsuit accuses Ripple of selling XRP tokens as unregistered securities,
and the case’s outcome could have significant implications for the regulation
of digital assets in the US.
Great dinner last night with @realDonaldTrump & @s_alderoty. Strong start to 2025! pic.twitter.com/UjM6lahUG4
— Brad Garlinghouse (@bgarlinghouse) January 8, 2025
In another major development, all
banks in Japan are set to adopt Ripple’s XRP Ledger in 2025. The
integration with the Interledger Protocol (ILP), announced by SBI CEO Yoshitaka
Kitao, aims to streamline cross-border payments and currency conversions,
offering a more efficient and cost-effective solution for international
remittances.
Ripple has also made strides in the decentralized
finance (DeFi) space through its partnership with Chainlink. This
collaboration, launched on the Ethereum blockchain, integrates Ripple’s RLUSD
stablecoin with DeFi applications such as trading and lending. The RLUSD
stablecoin, pegged to the US dollar, was introduced on both the Ethereum and
XRP Ledger networks last month, with a market capitalization of $72 million,
according to CoinGecko.
This article was written by Tareq Sikder at www.financemagnates.com.
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