Ripple XRP Worth $27.5M was Sent to a Market-Making Firm
Lately, a crypto bot tracked a huge XRP tokens transfer. The amount of the transfer displayed in the transaction is around 99 999 900 XRP worth nearly 27.48 million USD.
XRPL Monitor reported about the payment via Twitter, which is a bot responsible for reporting more than 100 000 XRP containing transactions.
Transaction Type: Payment
Amount: 99,999,900 XRP
Fee: 15,000 drops (0.015 XRP)
Sender Balance: 199.715
Receiver Balance: 101,455,726.331499
— XRPL Monitor (@XRPL_Monitor) November 13, 2019
The transfer was classified as “payment” and was apparently sent to a market-making specialized firm. However, it is unclear which market-making company is the recipient of the sent funds or whether the Ripple team has certain XRP set aside for this type of payment. The intention of this payment was to provide market liquidity as well as a price floor.
It’s worth to note that last week Ripple held its annual Swell Conference and it did not have any significant effect on its price. At the time, it is trading at $0.274851 (coinmarketcap).