XRP News Today: Ripple Transfers $439.23 Million XRP Amid GENIUS Act Passage

Ripple, a prominent blockchain firm, has recently transferred 200 million XRP to an unknown wallet, valued at $439.23 million. This significant move has sparked widespread speculation about the potential reasons behind the transaction. The transfer was tracked by the on-chain transaction platform, Whale Alert, and the wallet address identified as “rJqiM…La8nE.”

Ripple frequently conducts large transactions for liquidity purposes and its cross-border payment services. However, the timing of this transfer has raised eyebrows, especially as it coincides with the passing of the GENIUS Act Stablecoin bill in the Senate. This legislation aims to create a regulatory framework for payment stablecoins and is seen as a significant step forward in crypto regulation. The bill, championed by Senator Tim Scott, is now headed to the House of Representatives for further consideration.

Ripple CEO Brad Garlinghouse has praised the passage of the GENIUS Act, calling it a “historic moment” for the crypto sector. He emphasized the industry's long-standing demand for clear guidelines and noted that this is the first major financial legislation since the Dodd-Frank Act. Garlinghouse also highlighted the uniqueness of the bill as the first crypto-specific legislation ever passed in the Senate.

Despite the optimism surrounding the GENIUS Act, the broader crypto market experienced a selloff, with the global crypto market cap falling 1.4% to $3.27 trillion. Bitcoin and the top altcoins also saw declines, with XRP price dropping more than 3% to $2.15. The trading volume for XRP fell 39% to $3.22 billion, and XRP Futures Open Interest decreased by about 2%, indicating a waning risk-bet appetite among investors.

The recent transfer of 200 million XRP by Ripple has also coincided with a delay in the XRP lawsuit, which has fueled discussions and potentially contributed to short-term volatility in the XRP price. However, the broader market selloff may also be a factor in the recent dip. An analyst has predicted that Ripple Coin will stay near the $2 level through May, citing the delay in the XRP lawsuit conclusion as a reason.