ETH Transactions Worth $35M Detected on Ripple’s XRP Ledger Network

Ripple is on the rise. Despite ongoing legal complaints alleging that XRP could be unregistered security, the San Francisco-based FinTech organization continues to pump XRP into a growing ecosystem of adjacent startups.

A major portion of Ripple’s success is also contributed by the XRP Ledger—an efficient platform for frictionless transaction of money globally. Ripple connects banks and payment providers via RippleNet, which runs on the most advanced blockchain technology and is known to be scalable, secure, and inter-operative with different networks.

Also, using the XRP ledger, one can execute XRP transactions within seconds, at minimum costs. However, it’s not known to many that the same Ledger can be utilized to send and receive other crypto-assets with high speed and low cost, just as XRP. And not so surprisingly, some out there are putting this feature to good use, in real-time.

A Twitter handle (@DevNullProd) that posts news and data regarding XRP ledger everyday shared, on the evening of August 28th, “200000.0 ETH was sent across the XRP Ledger in the last hour.”

Members of the community were fired up the moment the tweet was posted; people demanded physical evidence of the 200,000 ETH transaction taking place on the XRP ledger. In response, a couple of links to legitimate sources came to light, which indeed proves that the claimed transaction took place. A single address on the network-initiated two 10,000 ETH transactions almost subsequently.

This one transaction opens doors to a myriad of possible scenarios in which the XRP ledger can be of utmost importance. The number of wallets providers and exchanges decides to operate on the XRP Ledger, easier and cheaper it would get to send and receive any digital asset instantly all over the world. Although a prediction was quite far-fetched if this happens, Ripple would end up being another crypto-coin that is capable of handling transactions of all other cryptos for them.

At present, XRP is encountering a lot of hurdles against USD and BTC. The cryptocurrency is trailing on a bearish path right below the $0.2800 and $0.2900 resistances. According to ETH Prediction,  some believe that XRP price might as well be preparing for a real-time wave either above $0.2800 or below $0.2500.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button