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The last few months have been a crucial moment in the cryptographic sphere, due to the events that occurred with the actions and activities on the prices of the main cryptocurrencies and altcoins. One of the cryptocurrencies that make constant titles is Ripple (XRP) without any doubt.
Overall, continuous emphasis has been placed on how money can be moved quickly and economically using Ripple's blockchain technology. However, just a couple of hours ago, about 40 million XRPs were transferred from one account to another, known to be owned by a former Ripple executive, Jed McCaleb. It is not yet clear why the funds have been transferred, but it seems that both cofounders are preparing something.
Since the funds were transferred, the move did not go unnoticed by the Ripple community, as the move involved a large sum of XRPs. The Twitter bot @XRPLMonitor screamed the recent success:
Transaction type: payment
Quantity: 40.987.588.71 XRP
Rate: 12 drops (0,000012 XRP)
Sender: r4LxkCUXYTCUgwquN3BnsUxFacoVLjGFyF
Sender balance: 131.004.258.994122
Receiver: rEhKZcz5Ndjm9BzZmmKrtvhXPnSWByssDv
Receiver balance: 69,689,385,871455
Link: https://t.co/tBIi1KlTrw– XRPL Monitor (@XRPL_Monitor) November 7, 2018
As soon as the event took place, the XRP community began to react to news as the transaction was unusual and involved a large amount of XRPs with a cost less than a penny.
A member of the XRP community called Krisk tweeted:
"Jed's wallet (tacostand)".
Another member, Jay Katana also tweeted in response to Krisk:
"Dump XRP + XLM pump coming up then, if it's true".
Many discoveries are currently underway, as to why this fund has been transferred – it could be towards a new enterprise of Ripple (XRP), or probably, could indicate the idea that it was a pump on XLM blockchain owned by Jed McCaleb. Some members of the Ripple community also see that Ripple is trying to show its cost-saving capabilities.
As stated earlier, the recipient's account is owned by the owner of Stellar (XLM), Jed McCaleb, who is also the true creator of the Mt.Gox exchange. According to the New York Times, it is essential to know that McCaleb held a large amount of XRP worth $ 20 billion in January 2018.
On the other hand, it is believed that the sender's account is owned by Ripple himself. However, many speculations have increased as to why two co-founders are transferring large chunks of money from one account to another.
This is not the first time this type of event has occurred – how about three months ago (August), $ 2.3 billion in XRP were moved between Ripple and Jed McCaleb.
As of now, the reasons for the recent transaction are not clear, but we could see more details in a few days to come (or maybe within a few hours). Undoubtedly, the current occurrence indicates that digital resources can change the way money moves from one place to another, but they were not sure of the real reason for the recent transaction.
Meanwhile, XRP remains in the red of a fraction at the time of writing as it is trading at the price of $ 0.5353 after falling 0.48% in the last 24 hours. Let's see how this sudden massive XRP movement affects the price.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Flickr
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