Over the last few days, the Ripple ledger has recorded multi million transactions. On the 7th of November, about 50,00,000 XRP was registered by the Ripple ledger in a single transaction. On the 8th of November, 20,000,000 XRP was transacted and registered. The people who sent these funds through the blockchain paid just 0.06 for the first transaction and 0.000012 XRP for the second transaction.
XRP (XRP) Price Today – XRP / USD
A Twitter account that is devoted to monitoring XRP transactions posted that these transactions were registered on the Ripple ledger just a few days ago as indicated above. The account didn’t just provide information about the large XRP transactions but provided information about the accounts handling the funds.
The November 7th transaction was sent from one of the largest cryptocurrency exchanges in the world Bitstamp. The exchange was also the receiver. After the transaction, the sender had about 15 million XRP tokens left and the receiver had 1,064,408,109.41295 XRP tokens. The sender and receiver in the 20 million XRP transaction, however, were unknown. Only their addresses were given by the Twitter account. The sender’s address was rPNoYpuAWywNA5CEDxirZ2BDYHG5du8Xf while the receiver’s address was rU1bPM4q2rVhC73F7znm7Lt5QnYzZsV35q. Even after sending 20 million XRP, the sender had almost 423 million XRP left. The receiver had 25.4 million XRP after the transaction.
Before this, there was a mega-transaction processed using the XRP token. A user sent 150 million XRP in a single transaction. Some members of the Ripple community concluded that the transaction was carried out by Ripple’s founder or the company itself which holds a significant amount of XRP.
XRP And Centralization
Even if it is the third largest cryptocurrency per market capitalization, XRP has faced a lot of criticism from the industry. They have been accused the platform of being centralized and controlled by the company devoted to promoting the XRP token. This has caused regulatory uncertainty making major exchanges like Coinbase afraid of listing XRP. When the SEC talked about the security status of BTC and ETH, nothing was said about XRP. This created a lot of anxiety within the cryptocurrency community.
Ripple has tried to convince the public that it is an independent group that isn’t responsible for the rise and fall of XRP. They are doing everything they can to stay far away the XRP and avoid the gaze of critics as well as regulators.
Main while, the Chief Cryptographer at Ripple, David Schwartz, said that he believes large transactions can drive the price of XRP. What this means is that the more large individual transactions are recorded on Ripple’s ledger, the higher the price of XRP will go.
XRP (XRP) Price Analysis
Yesterday, XRP lost a significant support against the USD falling below the $0.50 mark. Before the end of trading, however, it was able to pick up and move above the $0.50 level again. This morning, XRP is trading at $0.504587. It is 1.00% lower against the USD and 0.57% lower against Bitcoin. Over a 24 hour period, the trading volume is $433,778,702 and the market capitalization is $20,287,166,376. The next few hours of trading will determine if XRP will trade in green this weekend and next week.