Ripple Whales Move Billions of XRP At A Penny Fee

Ripple Network

Ripple describes the use of their native cryptocurrency XRP as very cheap and above all time-efficient since the digital currency often arrived within seconds at the receiver.  The day before yesterday, two major transactions valued at over $740 million caused a stir in the ripple community.

Ripple fans were amazed a few hours ago when the XRP charts recorded two transactions that were unusually large in volume. The first transfer moved to 2.1 billion XRP, which corresponds to a current value of just under 740.31 million USD.

The second transaction was even bigger, sending $ 4.6 billion to XRP, which is approximately $ 1.36 billion.

This large amount of transferred XRP represents approximately 6.7 percent of the total circulating XRP in the market. The transactions moved huge digital assets, each paying less than 1 cent transaction fee.

For the time being, it is unclear who ordered these transactions and who the recipients are. It is hot speculated whether any founders, large Exchanges or something was deducted from the escrow account:

Where was the move? From the escrow account? Nobody has so much XRP except Founder or Escrow. And if 6 billion from Escrow were simply transferred that way, what is the purpose of Escrow and this 1 billion?

A user has detected that the second transaction r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA belongs to Jed MacCaleb and is a Genesis account. About the actual backgrounds, these transactions can still only be speculated.

What is clear, however, is that Ripple has committed to pay 55 billion XRP on a trust account. In theory, at one point in time, over 55 months, per month, one billion XRP should be released to the market. It should be noted that unreleased XRPs can also be returned to the escrow account.

This fact is a reason for some critics that Ripple Network is not considered decentralized. However, as we reported earlier, the XRP ledger is well on its way to becoming more decentralized.

The XRP has posted a minimal price decline of -1.36% over the last 24 hours to a price of 0.34 USD. With a market capitalization of just under $13.47 billion, XRP ranks #3 in the world’s largest cryptocurrency.

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