Ideally, an alarm is raised whenever there is some kind of an abnormal and mammoth movement of virtual coins from a particular address to another. That happened precisely when there was an unusual and high movement of the Ripple cryptocurrency worth many billions within a few hours on August 28.
A Blockchain-based startup business is typically meant to be transparent by nature. It also signifies that all crypto enthusiasts should be able to monitor transactions in the network. There was a concern after some abnormally high XRP transactions were observed this week.
According to the time stamps of RTXP, the initial large-scale movement amounted to a transaction worth 740 million USD. XRPs worth 2.1 billion was transferred from one address to another and the transaction type was observed as ‘Payment.’
Just a few seconds after the completion of the first transaction, a similar transfer hit the network. This time, it was XRP coins worth 4.6 billion amounting to 1.6 billion USD paid at the current market rates.
The unusually high Ripple cryptocurrency transactions made the community keen to know the identity of the persons/companies behind these moves. The community was also curious to find out whether these transactions originated from a founder’s or an escrow account.
Identity Of The Sender Discovered
It was also revealed that the account of the sender for the second transaction belongs to Jed MacCaleb. It was a Genesis account and Jed worked with Ripple previously and still owns a huge quantity of XRP coins.
The unique point about Jed’s transaction is that the transfer of 4.6 billion Ripple cryptocurrency represented around 4 percent of the entire coins being circulated and flowing to a certain multi-segment account, Ripple Coin News reported. Speculations are rife that there could be already an agreement between the XRP community and Jed. It could be also a well-thought strategy to enable mainstream banks coming forward to adopt the cryptocurrency.
The post Ripple Cryptocurrency News: Significant Institutional Investment In XRP appeared first on OWLT Market.
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