Our world is full of mysteries and cryptographic space is not an exception. It was revealed that three mega transactions were made within minutes and a huge amount of XRP tokens were moved to a virtual currency address.
Following this news, the Crypto community certainly has a good problem to discuss and make hypotheses about possible reasons for such a step.
How did it happen
The first transaction was processed on Monday 27 November. Over 850 million XRPs, whose total value at the time of printing is more than $ 300 million, were sent to the recipient address: rKveEyR1SrkWbJX214xcfH43ZsoGMb3PEv.
Only a few minutes later the same address received another transaction. However, this time the amount was lower: about 750 million XRP.
But it was not yet the end. Once again a few minutes after the third transaction took place. Only the same address above received almost 1 billion XRP this time.
Overall, as a result of these three closely followed transactions, the same account received almost $ 2.6 billion of XRP, whose total value under current market conditions is close to $ 910 million.
An important detail is that the transaction fee was only 0.000012 XRP and is less than 1 cent.
Such an unusual situation with a large amount of transactional XRPs has obviously caused a lot of discussion among the community. Some hypotheses are based on the assumption that such a huge amount could be related to the desire for a cryptocurrency exchange to move digital resources into a cold memory portfolio in order to ensure greater security.
Although it is difficult to draw accurate conclusions about the situation without official comments or clarifications from the Ripple company, the community has split into two camps. Some of them strongly believe that these transactions seem to be a large institution that has decided to buy XRP.
At the same time, the second group supposes that Ripple could be in need of funds and dumped a large amount of their assets.
Although Ripple did not comment, the community could not forget what was said by the company's chief critique, David Schwartz, in October. According to him, in order to process larger transactions on the Ripple register, an increase in the XRP price is necessary. "The higher the price of XRP, the greater the payment ripple that can be addressed," added Schwartz.
While the community speculates, it is worth mentioning that in recent months XRP has actively strengthened its positions. Although the entire market was influenced by the downward trend, it did not prevent XRP from becoming the second largest cryptocurrency on the global crypto scene by market capitalization.
For more information on the XRP currency, the Ripple company and their innovative solutions, see our fantastic guide.