Ripple Mega Transaction Alert: Almost 1 Billion XRP Moved for 0.000012 XRP

The cryptocurrency market continues to generate interesting situations for enthusiasts. This time, Ripple’s network has experienced three mega transactions in just a few minutes, all moved to the same virtual currency address.

According to XRPL Monitor, a transaction was processed on November 27 with more than 850 million XRP, worth close to $300 million dollars at the time of writing. The receiver was the following address: rKveEyR1SrkWbJX214xcfH43ZsoGMb3PEv. It is possible to see this transaction here.

Another transaction was performed a few minutes later. However, the amount transacted was lower this time, almost 750 million XRP. The receiver was exactly the aforementioned account.

Finally, a third transaction was processed 2 minutes later. Almost 1 billion XRP were sent to the address mentioned above. In this way, this account has currently 2.6 billion XRP, worth close to $910 million dollars. In the past, this virtual currency received just a few XRP.

It is also worth mentioning that each of these transactions was processed for less than 1 cent. To be more precise, the sender paid just 12 drops (0.000012 XRP). The community started to comment on Twitter about this situation. Clearly, the amount transacted is huge and could be related to a virtual currency exchange moving funds to a cold storage wallet.

In the past, we wrote a BitcoinExchangeGuide that a ‘mega’ transaction was performed using the Ripple ledger. Nevertheless, at that time, the amount transacted was just 150 million XRP, just a small amount compared to the funds recently transacted.

Additionally, David Schwartz, Chief Cryptographer at Ripple, mentioned that in order to process bigger transactions on the Ripple ledger, it would be necessary for the price of XRP to increase.

“The higher the price of XRP, the larger the payments Ripple can target,” he said back in October.

It is important to mention that Ripple is working in order to allow companies to have a simplified, fast and low-cost way to transact funds, and using XRP would make the task even easier.

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