According to BroadChain, at 08:58 on April 23, NewsBTC reported that activity on the XRP Ledger network has recently seen a significant uptick. Data shows the network's daily transaction volume has surged to nearly 3 million, three times the level from a year ago. Meanwhile, between April 20 and 21, Ripple transferred a total of 75 million XRP, worth approximately $107 million, through a series of internal wallet operations.
This large-scale transfer has drawn market attention, with 50 million XRP ultimately flowing into a Coinbase wallet, while the remaining 25 million remained in a private address. Typically, transferring large amounts of tokens to an exchange is seen as a potential signal for selling, but the price of XRP did not fall as a result. Instead, it rose by about 8% over the past week, outperforming Bitcoin and Ethereum during the same period.
The surge in network activity coincides with growing institutional interest. Market interest in an XRP spot ETF is climbing, with over $65 million in new capital flowing into this area. Additionally, the total value of tokenized commodities on the XRP Ledger has exceeded $1 billion, and the market capitalization of Ripple's stablecoin RLUSD has also reached $1 billion.
Analysts believe Ripple's recent transfer may be aimed at liquidity management to meet the depth and liquidity demands of institutions trading XRP through ETF products. Although figures like Cardano founder Charles Hoskinson continue to express concerns about Ripple's funding model of selling its own tokens, the enhanced network utility is shifting market perceptions of this blockchain.