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XRP Ledger notes monumental transfer of 54.3 billion Palau Stablecoin, network effect could boost XRP price

Published

2 months ago

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  • XRPLedger facilitated a massive transfer of upwards of 54.3 billion Palau Stablecoin to a Trust Set. 
  • The large volume transfers could act as a game changer for XRP with the resulting network effect and adoption fueled by Palau’s use of the XRPL.
  • Experts believe that large scale use of XRPLedger could drive XRP price higher in the long term.

XRPLedger witnessed a large volume transfer of Palau Stablecoin, a transfer of 54.3 billion PSC on XRP’s blockchain. A crypto expert behind the Twitter handle @w_thejazz believes this development could be a game changer for the altcoin. 

XRPLedger adoption is on the rise

Palau, an oceanic island nation, is currently running a trial of Palau Stablecoin, linked to the US Dollar. The project started its pilot on XRP’s blockchain, the XRP Ledger. Based on data from XRP scan, Palau initiated transfers of more than 54.3 billion PSC to the Trust set through the XRPLedger.

Over the past three weeks, Palau has been leveraging XRPLedger and previously its Central Bank Digital Currency (CBDC) platform. It’s important to note that these transactions are driving higher adoption of the XRP blockchain, and the token, using it to pay transaction fees.

Crypto analyst behind the Twitter handle @w_thejazz believes these developments are likely to emerge as game changing catalysts for XRP. The network effect from higher adoption of the ledger is expected to push XRP price higher in the long term. 

The analyst believes that a significant movement of funds is likely to shift user sentiment and fuel the altcoin’s adoption.

At the time of writing, XRP price is $0.7152.

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