Things have started happening very fast at a time when the crypto market seems to be backing up from the recent onslaught by the bear force, and XRP is gaining good traction as it maintains its marketplace at position two right behind Bitcoin. One most noticeable event happened today at precisely 13:24:20 (UTC Time). Well, looks like the XRP whales are at it again.
The Whale Activity
A really huge XRP whale has swung into action, transferring a cool 20 million XRP tokens to a Bitstamp address. The transaction type was marked as a payment with a comprehensive breakdown of the accounts activated, balances and individual transactions marked so conspicuously that the XRP community had no hard time noticing the whale activity.
Besides the above-mentioned facts, even more compacted details can be pulled from the XRP explorer ledger page. The destination tag is marked 88298231 with the transfer sequence #1506.
The Charges Are Unbelievable
However, there’s even more to the blockchain-based transaction than just the success part and the attention it’s now attracting. The huge transfer may have left a lot of people’s mouths agape, but what actually blows the mind is the actual cost of that multi-million XRP transaction. According to the XRP explorer ledger, this particular transfer only cost the owner a measly 0.000045 XRP. That’s just about 45 Drops, which is really astonishing considering the staggering amount the transaction would have cost had it been executed through the traditional banking system.
Banks have been known to slash even up to 5% of the amount transferred as transaction fees. With XRP currently priced at $0.3758, you can imagine just how much money was saved. As a fact, the blockchain technology has been touted as the most efficient and cheapest means of funds transfer, and that’s something that has been proven many times in the recent past.
That said, XRP is one of the cheapest cryptos by transaction cost, and things might even get rosier if financial institutions end up adopting Ripple’s xRapid product that uses XRP as a base currency to speed up processing and further cut costs in cross-border transactions.
What Could It Mean?
As has been the case many times, crypto whales don’t move around just for fun. The fact that the crypto market is recovering and XRP is doing great tells a lot, especially now that there have been rumors of an incoming crypto bull run by end of 2018.