More Than $2 Billion Worth Of XRP Moved In Just 2 Transaction In 10 Minutes

Lately, there have been substantial movements of cryptocurrencies from one wallet to another signifying drift around founders and whale pools. Ordinarily, such moves are in and around Ethereum and other ERC tokens, but in one of the isolated event large movement was seen in XRP.

On August 29th, 2 transactions under 10 minutes moved 6.7 billion XRP tokens amounting close to USD 2.1 billion as reported by Twitter Bot @XRPLMonitor. First, it was 2.1 bn XRP and the second was even greater the move was around 4.6 billion XRP.

Transaction Type: Payment
Amount: 2,139,999,979 XRP
Fee: 12 drops (0.000012 XRP)
Sender: rHYTJDFrbCU1i2yCENTg9yjUrHHGaYTB4D
Sender Balance: 20.998428
Receiver: r93oSNBKuFjuKt8GxhF8VYaGzzwsNDPaX5
Receiver Balance: 2,140,000,078.993
Link: https://t.co/Fg6kbZ9nNS

— XRPL Monitor (@XRPL_Monitor) August 28, 2018

Transaction Type: Payment
Amount: 4,668,132,964 XRP
Fee: 12 drops (0.000012 XRP)
Sender: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA
Sender Balance: 20.980988
Receiver: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US
Receiver Balance: 4,668,133,063.993
Link: https://t.co/KenPZEeBZl

— XRPL Monitor (@XRPL_Monitor) August 28, 2018

It wasn’t too long before the XRP community started to take notice. f the unusually large second transaction. Also taking time to note that the whole transfer of an eye-watering amount of cash was peer-to-peer and cost less than a cent. Notably, a point was made by Ripple with these transactions, about how cheaply money can be transferred using Ripple’s blockchain technology.

It cost under 1 cent to move 1.4 billion USD.
It only took a few seconds to move it.
It did not require an intermediary to move it.

Any questions? #bitcoin #btc @swiftcommunity #xrpthestandard #xrpthebase #xrp

— C3|Nik (@C3_Nik) August 28, 2018

While these transactions illustrated the benefits of XRP, a lot of eyebrows were also raised as to why such a large amount of coins were moved and who were the people behind it. Some concluded it could be a large exchange transferring the XRP – perhaps in support of the newly instituted xRapid system, which is being supported by Bittrex, Bitso and Coins.ph – others pointed to the idea that this was Ripple showing off the capabilities and cost savings of the system.

There are numerous theories on who the holders of those wallet accounts are. According to Twitter user Erik van Dijk, the sending account of the biggest transaction points towards Jed McCaleb, the previous CTO of Ripple, the originator of Stellar (XLM) and the primary creator of the Mt.Gox exchange. In January, he was believed to be holding XRP worth something like $20bn, according to the New York Times. However, at the time that estimate was given XRP was worth $2.73, compared to yesterday’s $0.32.

Another Theory that appeared on Ripple chat forum suggested that the move was to ensure potential institutional investors, or other interested parties, that the market for Ripple could not be negatively influenced by one large player holding such a large cache of the cryptos.

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