Yesterday saw 1 billion of XRP moved which was recorded by the Bithumb exchange and the fee was the tiny amount of 0.000012 XRP.
This isn’t the first time that such big numbers of XRP or other cryptocurrencies have been moved. Earlier in the week the popular crypto wallet, Whale Alert began to see a significant increase in the volume of payments in a short amount of time. It turns out there was over 98,700,100 Binance Coin which was transferred out of Binance to an ‘unknown wallet’.
Some have claimed the massive amount of XRP that has been transferred proves a point that the token doesn’t actually have any value.
Yesterday on Twitter it was revealed by Flibbr (over 20k followers) the executive summary of XRP which also describes the intended purpose of the token.
The fee for the 1 billion of XRP was was just 0.000012 which suggests that it would that much XRP to move any amount of the US dollar. As reported by CryptoPotato, what he draws from all of this is that XRP “has no value and was always intended to have no value.”
The value of XRP has been a hot topic for some time now. The main reasons most people don’t see it to have any value is that banks have the option to transfer funds in fiat or other digital currencies using Ripples’ xRapid shared ledger system. With this, it kind of invalidates the utility of XRP because it doesn’t actually function as the main currency for the system that was set up to use it in the first place.
What are your thoughts? Let us know what you think down below in the comments!