More than 70 Million XRP Transacted in two Mega Transfers

The Ripple ledger has registered several multi-million transactions during the last days. On November 7, a 50,000,000 XRP transaction was registered by Ripple’s ledger. The next day, 20,000,000 XRP were also transacted. The senders of these funds paid 0.06 XPR and 0.000012 XRP respectively.

The Twitter account XRP Monitor showed that these two transactions were performed a few days ago. The twitter account provides information about large XRP transactions and information about the accounts handling the funds.

In the transaction made on November 7, the sender apparently was the cryptocurrency exchange Bitstamp and the receiver was the same cryptocurrency exchange. The sender balance ended with almost 15 million XRP while the receiver had 1,064,408,109.41295 XRP.

Transaction Type: Payment
Amount: 50,727,560.062526 XRP
Fee: 60,000 drops (0.06 XRP)
Sender: Bitstamp
Sender Balance: 14,999,999.94
Receiver: Bitstamp
Receiver Balance: 1,064,408,109.41295
Link: https://t.co/plDnlEDaEa

— XRPL Monitor (@XRPL_Monitor) November 7, 2018

The transaction of 20 million XRP is related to unknown sender and receiver. The sender has this address rPNoYpuAWywNA5CEDxirZ2BDYHG5du8Xf. The receiver address was rU1bPM4q2rVhC73F7znm7Lt5QnYzZsV35q. The information about it can be seen here.

The sender remained with almost 423 million XRP and the receiver registered a balance of 25.4 million XRP.

A few days ago, we wrote at BitcoinExchangeGuide that there was a new mega-transaction processed using XRP. A user was able to send 150 million XRP in just a single transaction. Some community members believe that this transaction was performed by the founder of Ripple, which controls a large amount of XRP coins.

The Ripple network and ecosystem have been deeply criticized several times for having a very centralized economic model. The U.S. Securities and Exchange Commission (SEC) has not given any comment about XRP being a security. However, Ripple is doing everything as possible to stay far away from the XRP virtual currency.

A few weeks ago, David Schwartz, Chief Cryptographer at Ripple, said that bigger transactions in Ripple’s network would require the price of XRP to be higher. About it, he commented:

"The higher the price of XRP, the larger the payments Ripple can target…"@JoelKatz #XRP #Ripple #XRPcommunity #XRPthestandard #crypto #micropayments #payments #blockchain #fintech #crypto #altcoins #finance #banking

* Infographics: Ripple and XRP *https://t.co/ICQxJNIr8e pic.twitter.com/m9cLOtHo4U

— XRP_Cro (@stedas) October 29, 2018

XRP is currently being traded around $0.5 dollars according to CoinMarketCap. It also has a market capitalization of $20 billion dollars.

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