Millions worth of Ripple (XRP) speculated to be transferred to market maker firm

Cryptocurrency transfers have dominated the market recently, and Ripple’s native cryptocurrency, XRP, has been one of the most used ones. A new data point showed by XRPL Monitor revealed that a whopping 99.999 million XRP was sent between two cryptocurrency wallets.

The entire transfer amounted close to $27.4 million, and the total fee for transferring such a massive amount was 0.015 XRP. The transaction ID for the transfer was E3EE77DAE273E7992C2E18952D53B2F4E64670A5FFBEC8C9EEEF670F3D8D3CE0 with Bithomp stating that the transfer occurred on November 13 06:23:10.

The sender address was B4UtU9sAiMTF5Htg3k6kwUXV2dHyRFkJn while the receiver address was rKvAtitwmaYVFG8GwDmUSyqo71YMbeBSwn. Once the transfer was completed, the total sender balance was 199.715, while the receiver balance was a massive 101.455 million.

This movement was also called out by @LightCrypto, a famous cryptocurrency proponent who claimed that the $27.5 million was transferred to a market-making firm address. This news led to many inquiries with Patrick Heusser, an XRP fan asking:

“Why would you need so much XRP to do market making? If you are a professional market maker you will not run massive outright risk. I would rather say those XRP are on the way to flood the market – one way street.”

A market maker is an individual market participant or a member firm of an exchange that also buys and sells securities for its own account. Ripple deals with market makers quite often, and that is probably why it has been speculated that the transfer was made to a market maker. Ripple themselves have called the market players;

“A key player within the ecosystem by not only providing liquidity but also helping to keep spreads low, adding utility and reducing the cost for entities transacting on the Ripple protocol.”

People had earlier stated that although transfers existed in the field, there isn’t much volatility in the cryptocurrency’s 4-second settlement. At press time, the third-largest cryptocurrency was trading for $0.273, with a total market cap of $11.854 billion. Ripple’s XRP had a 24-hour market volume of $1.362 billion after a slight 0.17 percent price fall over the 24-hour time frame.

Despite the recent furor about Ripple and its developments, that does not seem to have had any positive effect on XRP’s price point. Ripple’s recently concluded Swell conference was supposed to contribute to a massive price pump, but that has not occurred as of yet.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.