Ripple’s XRP has maintained its crucial position above $2 despite an 8.2% decline against the U.S. dollar this week. Over the weekend, the spotlight turned to large on-chain XRP transactions, while Ripple’s stablecoin, RLUSD, reached a market valuation of $53 million.
Whale Activity Sparks Attention
Recent weeks have seen significant developments for XRP, buoyed by optimism over a potentially favorable U.S. regulatory environment and the launch of RLUSD trading on major platforms. However, the crypto asset has not been immune to broader market corrections, sitting at $2.18 after this week’s 8.2% drop.
Despite this setback, XRP remains 50.4% higher than 30 days ago. Since December 17, the token has lost around $0.50 per coin. On Saturday, December 21, a massive transaction of 30 million XRP, valued at $70.89 million, was withdrawn from South Korea-based exchange Upbit. South Korea contributes 22% of XRP’s trading volume, further amplifying the significance of the transfer.
Whale Alert, a blockchain monitoring tool, flagged the transaction alongside two others initiated by Ripple. Ripple moved a total of 90 million XRP in two separate transactions: 50 million XRP worth $111.69 million and 40 million XRP worth $89.67 million. The funds were sent to unidentified wallets, raising curiosity among market watchers.
RLUSD Climbs to 37th Place Among Stablecoins
Ripple’s fiat-backed stablecoin, RLUSD, continues to gain traction. According to data from CoinMarketCap and Etherscan, there are currently 53 million RLUSD tokens circulating on the Ethereum blockchain. Ripple’s Deployer wallet dominates ownership, holding 39.3 million RLUSD (73.87% of the supply).
The second-largest holder is institutional liquidity provider B2C2 Group, with 3.03 million RLUSD (5.71%). Other major holders include an unknown wallet with 2.9 million RLUSD, followed by Uphold and Bitso, which round out the top five holders.
RLUSD has recorded 1,396 on-chain transactions to date, with most trading activity occurring on Bitso and Mercado Bitcoin, Brazil’s largest cryptocurrency exchange. RLUSD currently ranks 37th among stablecoins, boasting a $53 million market capitalization. It shares its rank with the yield-bearing stablecoin astherus (USDF) but remains far from the top 10, where PayPal’s PYUSD holds the tenth position.
As Ripple continues to make waves with substantial transactions and RLUSD’s growing adoption, XRP’s ability to defend the $2 support level will be closely monitored by market participants.
