The cryptocurrency industry has gone through a lot in the last few months, considering all of the price actions and the way that the bear market has been tearing apart some of the biggest crypto assets and altcoins. Ripple (XRP) seems to have been in the media constantly, both for good and bad activities.
One of the highlights of the Ripple blockchain has to do with the near-instant transaction speed. This speed came in handy on Wednesday afternoon when 40 million XRP was transferred to the account of someone fairly notable – Jed McCaleb.
Transaction Type: Payment
Amount: 40,987,588.71 XRP
Fee: 12 drops (0.000012 XRP)
Sender Balance: 131,004,258.994122
Receiver Balance: 69,689,385.871455
— XRPL Monitor (@XRPL_Monitor) November 7, 2018
Many XRP investors are probably familiar with Jed McCaleb, considering he was formerly an executive for Ripple. No one really knows why he received such a high amount, but there are suggestions that the co-founders are working on something new.
No sooner than the funds went through, the Ripple community started chatting on the two factors that stood out the most – the uniqueness of the transaction and the high amount of XRP it uses. The transaction cost less than a penny, and it did not take long for a user to identify the wallet as McCaleb’s. Another user suggested that this action is a pump and dump scheme.
There are plenty of reasons that this transaction could have taken place. Some suggested that it could be for a new Ripple venture, while others believed that it could be a way to show how little their cost is. So far, there are only theories and facts, and the facts are pretty straightforward.
The receiver is, in fact, Jed McCaleb, current owner of Stellar, creator of the Mt. Gox exchange, and former executive for Ripple. Sources believe that the sender is Ripple itself, though the question still remains – why are these two co-founders exchanging funds? Funnily enough, it is not the first time. Three months ago, another $2.3 billion in XRP was moved between the two parties.
In the days to come, it will be important for inquiring consumers to watch the actions of both McCaleb and Ripple on social media as the situation unfolds. As of 8:30pm PST, XRP has seen a 4.11% loss within the last 24 hours but is trading at $0.512020. The current market cap is $20,586,042,847.