Ripple volume surge has caused the XRP market to create some wave disturbance.
According to Coin Metrics, Jed McCaleb, the co-founder of Ripple XRP dumps in five hundred thousand (500,000) XRP every day. He seems to be hard to forget for Ripple even though he’s not working there anymore.
Ripple volume surge needs further speculation
It is partly Jed’s doing since he received one hundred million (100M) XRP that was worth twenty-six million dollars ($26.3M) earlier this week. And then the total transactions for the week’s count have skyrocketed to new heights.
Coin Metrics had data to support evidence on why ripple’s volume surged. XRP’s transaction value went up to sixty-three percent (63%) compared to the previous week. This gives us a one hundred and forty-three million ($143M) dollar increment in the already hefty volume that Ripple trades in on a periodic basis.
Speculation on the matter reveals that the xRapid service; started by a partnership between Ripple and MoneyGram, enables consumers to send assets over to faraway lands without having sanctions being placed on them because the means to transport those funds are crypto – Ripple’s native token, the XRP.
If we put 2 and 2 together, we’ll see a larger power at play here- that is pulling an average on the daily fees for over a week-long period gives us one hundred and eighty-nine dollars ($189). That’s $1.32 for every million dollars moved.
Back to Jed McCaleb
Jed was entitled to receive his share of the XRP that he left with Ripple when he left the company. The recent upsurge in the price is a result of Ripple giving Jed a part of his shares.
He signed a contract with Ripple that would enable him to sell seven hundred and fifty million (750M) XRP annually. This sums up to be equal to one hundred and ninety-five dollars ($195).
The single transaction that occurred makes up only for two percent (2.6%) on the increase in weekly volume. Something else probably swims in the deep crypto ocean.