A Twitter post provided a shocking revelation of relocating more than $989 million of Ripple’s XRP, a bulk amount in just four hours time-span. On the social media platform, the whale alert popped up showing that altogether five purchases were done from Surge OTC budget. Surge is the biggest quantity holder of Ripple’s XRP, possessing 60% of the entire supply and a considerable amount of the quantity is stored in escrow.
In the transaction process, three were directed to those having same budget address and holding 2.6 billion XRP. However, among all the largest purchase was 9991,999,959 XRP. These purchases are an indication that the Surge is moving a bulk amount of Ripple’s XRP to a number of pocketbooks.
This is not an unprecedented event as previously massive amount of Rippe’s XRP was sent to the unknown addresses. Earlier in August, two XRP transactions were recorded exceeding 6 billion XRP. In this transaction, the first saw 2.1 billion XRP transfer and the second recorded 4.6 billion XRP relocation. It is interesting to note that such deals result in almost 6.7% of the complete token supply in the crypto market.
For making every purchase, the fee was taken into consideration which had to less than a cent. Going by the floating speculations, an individual who was previously the CTO of Surge was involved made the transfer from the Genesis block.
Earlier, Ripple brought before the world that it possess 60 billion XRP and almost 55 billion of symbols are in escrow. This implies that Surge controls almost 60% of the total market supply exceeding 90 billion of its native digital currencies. Many are of the opinion that this marks a strong basis of centralisation while others are dubious about its nature to fund the organisation and inflate appraisal.