In the cryptocurrency sector, large transactions are unlikely to go unnoticed. This is especially true when transactions are performed on public blockchains. Yesterday, a significant amount of XRP was sent to a single receiver address for only 0.000012. The funds were sent in three transactions in a few minutes. So many people in the cryptocurrency community have wondered what could be the reason for a mega transaction.
$ 910 million of XRP transferred in three transactions
On Monday, the first transaction of 850 million XRP tokens, which is equivalent to $ 300 million, was sent to rKveEyR1SrkWbJX214xcfH43ZsoGMb3PEv. Later that day, that address received 750 million XRP tokens. A few minutes later, another transaction worth 1 billion XRP tokens was created for the same address. The total sum of all transactions amounted to $ 2.6 billion, which equates to about $ 910 million, even with current market conditions.
Price XRP (XRP) today – XRP / USD
As expected, the cryptocurrency community discussed the possible reasons for this transaction as they try to figure out which parts are involved. Some people have suggested that the amount may have been moved to a cold room for added security. However, Ripple did not say anything about the transaction or made any comments to make people believe that he could have been responsible for the transactions.
Currently, there are two main opposing views on the transaction. One party claims that a large institution decided to buy Ripple and the purchase was made with XRP tokens. Another group states that it is possible that Ripple is trying to get funds by downloading some of their resources. Community members argue that even if Ripple has not yet made official statements about the transaction, some people have quoted the words of David Schwartz.
David Schwartz is Ripple Chief Cryptographer who said that the price of XRP will have to increase if the Ripple register is able to process large transactions. The higher the price, the larger payments can be made according to Schwartz. We hope that before the end of today there may be a reasonable explanation for the transactions.
In general, keep in mind that Ripple and XRP have done relatively well in the last few months. Although the entire market is currently in a downtrend, Ripple has strengthened its position and position of the XRP token. It is no wonder that XRP was able to detect ETH and maintain its position as a second cryptocurrency by market capitalization.
XRP Price Analysis (XRP)
At the time of writing, XRP was trading at $ 0.358572. This shows that it is down by 7.54% against the US dollar and down 0.40% compared to Bitcoin. The trading volume over a 24-hour period is $ 564,750,907 and the market capitalization is $ 14,460,272,143. It is important to note that other cryptocurrencies are also exchanged in red. The market seems to correct after the slight uptrend that brought the price of BTC to $ 4350 two days ago, adding over $ 20 million to the total market capitalization of the sector.