In its design, any project based on the blockchain needs to be transparent. This means that each enthusiast can control transactions within the network and in the case of abnormally huge movement of coins from one address to another to raise the alarm. This is exactly what happened a couple of days ago when you have noticed abnormal movements of XRP worth several billion.

According to the RTXP, the first large-scale transaction was made in the amount of $ 740 million: 2.1 billion XRP have been moved from the address rHYTJDFrbCU1i2yCENTg9yjUrHHGaYTB4d recipient: r93oSNBKuFjuKt8GxhF8VYaGzzwsNDPax5. In a note to the translation was given as “Payment”. A few seconds later appeared information about other similar payment, but this time the sender has moved 4.6 billion XRP in the amount of $ 1.6 billion at current market rates r9kkWNia8PmpR44L7mWZn33Hpff3CCzLja to the recipient: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6us.

To verify these transactions here:

Naturally, the community was curious to find out who is behind these moves and whether they were derived from the Deposit or account of the founder. It became known that the account belongs to jed r9kkWNia8PmpR44L7mWZn33Hpff3CCzLja Mccalebb and is the Genesis account. Before you can create your own successful project, Stellar Network, jed worked with Ripple and still owns a significant amount of XRP.

What does this mean for XRP

What is unique in this transaction from jed, is the fact that these 4.6 billion XRP, constituting about four percent of the total number of coins in circulation, get an account multi-sig – escrow a cell with 3 keys, one of which is the client, the second Bank and the third a lawyer or a Trustee. This triggered the assumption that jed might have sold his share of the asset, but the caveat here is that between Machalaba and company Ripple has an agreement where there is a clause which limits the amount of XRP that jed can sell over the seven-year period. As one of the founders, jed also can only sell 2 billion XRP after the seventh year.

Important questions remain as to whether this step of maccalube to open the door to investment mainstream banks and encourage them to accept XRP and how it will affect the price of the token. At the time of writing the exchange rate XRP again shows a negative trend, the asset has lost about 5% ($ 0,32).

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