1.1 Billion XRP Transaction ($392 Million Worth) Gets Moved to Ripple OTC Distribution Wallet
The Ripple Ledger has witnessed a new massive transactions. According to the Whale Alert on Twitter, 1,108,302,304 XRP ($392,781,994) have been transferred on January 1st, 2019. According to this twitter account, the funds were transferred from an unknown wallet to Ripple PTC Distribution wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,108,302,304 #XRP (392,781,994 USD) transferred from Unknown wallet to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) January 1, 2019
The transaction can be seen through the blockchain explorer Bithomp. According to it, the transaction fee was just 0.005 XRP, equal to $0,00176664 at the time of writing. The receiving account has 4.516 billion XRP stored. This is more than 4,5% of all XRP supply. The transaction represents over 1.1% of the total XRP supply.
However, if we take into account that there are just 40.79 billion XRP currently circulating, this wallet has more than 10% of the total XRP circulating supply.
Users on social media have been discussing the reason why to perform such a transaction. Some individuals believe that this could be related to a big sell-off or just funds that are transferred to be purchased by a group of institutions or larger investors via OTC.
Transaction Type: Payment
Amount: 1,108,302,303.98 XRP
Fee: 500 drops (0.0005 XRP)
Sender Balance: 971,697,774.9975
Receiver Balance: 4,623,866,322.93109
— XRPL Monitor (@XRPL_Monitor) January 1, 2019
This is not the first time that such a large transaction is processed on the XRP Ledger. Some time ago, we wrote at BitcoinExchangeGuide that there was a 150 million XRP transaction for just 0.005 XRP in fees.
The Twitter user CKJ has also announced that the XRP community donated 40,000 XRP for the Children’s Research Hospital St. Jude during the CKJ Crypto News streaming a few days ago.
Wow Epic way to end 2018..@kingblue_XRP and the
XRP Community Hit 30,000 XRP for@StJude Right on
CKJ Crypto News Late Night live stream 😀🔥🌎🚀🐻..
XRP Community # 1
🌍 Happy New Year🌍https://t.co/ec9DJhg1eu
🚀 NEVER GIVE UP🚀#DontStopMeNow
— CKJ (@CKJCryptonews) January 1, 2019
This shows that the cryptocurrency community is always open to help other foundations that are not necessarily involved with virtual currencies. There are many other philanthropic projects in the space and the community is usually ready to help others.