Ripple News: not even two weeks have been carried out on the XRP Ledger approximately 730.000 transactions per day. A few days later, this number had increased to 1.6 million transactions daily, and had thus doubled in less than a week more than. This explosive increase has even led to XRP currencies more than 50% of the transactions of all Crypto accounted for.But why the XRP volumes increased so dramatically – it’s up to the Swell meeting, a Stress Test, Trading Bots or maybe a XRP Whale? We look at what is behind the rise!
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Ripple News: XRP volume is increasing by more than 100%
The increase of XRP volume, there are various comments and speculations: often the upcoming Swell-conference is called. So could it be that buyers can recharge their pockets XRP again properly, because the Swell-conference acted as the most important Event for the Ripple in the past as a price driver for XRP. Others call Stress-Tests for the Ledger, Trading Bots or Whales as the possible reasons for the current Ripple News.
Bitcoin promissory notes on the XRP Ledger as the reason for Ripple News?
The first theory comes from the Twitter User ‘hallway monitor’. This has discounted the public-accessible data of the XRP Ledger analysis and comes to the conclusion that the increase in the transaction must be volume in connection with the Testing of BTC IOUs.What’s BTC IOUs are? The term IOU stands for I owe you and says in German something like “I owe you something.” In the case of BTC IOUs, we speak of promissory notes, the ‘evidence’ that Person A Person B owes a certain sum of x BTC.In General, these IOU Tokens are sent in the same way as XRP over the network. The difference is that the IOU Tokens are for the underlying Asset (be it Bitcoin, Gold or Oil) is exchangeable. These transactions could be of the Ripple itself has been carried out to test the principle of BTC IOUs on the Ledger.
XRP Whale and the upcoming Swell-conference
Even if it is of course possible that the increase in the transaction was aroused in which the volume of the IOU-Testing, is the temporal proximity to the Swell meeting a ‘suspicious’ indication. The most important Ripple conference of the year, in fact next week on the 07. and 08. November in Singapore. Historically, XRP could be happy-Hodler in the framework of the event, often over a course of jumps.The best and safest stock market choose for you to opt for the right provider is not always easy. Therefore, we recommend that you take a look at our Bitcoin brokers & exchanges to throw a comparison. Trading on the safest and best exchanges in the world! For Comparison
Analysis of the XRP Ledger: Ripple is innocent
As so often, we find answers and analyses (not only of Ripple News) on Twitter. So the User @dug HamEggsnSam a little deeper in the XRP Ledger, to find the real backgrounds of the rise.
I dug into the recent spike in XRPL transactions to answer the question what/who is behind it. Don’t get suckered. Get the facts. https://cryptomonday.de/?r=https%3A%2F%2Ft.co%2FuJ76imGTFk— GreenEggsnHam (@HamEggsnSam) October 30, 2019
The result of his Research can be summarised as follows: much of the activity is on a single Wallet back track, which has been carried out within a short time, 5000 transactions. The Wallet, which was only a few days earlier, ‘enabled’, went straight to the Full. With such a high number of transactions, not, it is likely that the Wallet is used to Buy coffee.HamEggsnSam went a step: where did the XRP for the Wallet? The origin was the result of Binance and ChangeNOW. From this we can deduce, therefore, that Ripple is for the Wallet to be responsible. The Analyst said in his Youtube Video to the following:
However, it is also possible that a Partner of Ripple is behind the volume. Nevertheless, it seems to me unlikely, because if it was a Partner of Ripple, why the XRP does not come via an OTC Exchange or of the Xspring Accounts?
XRP Whale seems to be the realistic answer
Who or what is the Ripple News, if Ripple, and their partners have been excluded. Most likely was it, the Analyst that a Whale is behind the transactions. This could. with a targeted Manipulation of the impression of a lot of ‘Buying Activity’ (dt Purchase activity) want to create. This impression, in turn, could motivate investors to buy XRP and the presumption whip up that special news will be announced on the Swell conference.As a response to the assumptions of the Twitter User David Schwartz reported from the Ripple-bearing words. This said that “one of the drawbacks to the low transaction mooring fees of the XRP-Ledger that the cost for a large amount of low-value transactions are negligible”.
One of the downsides to low transaction fees on the ledger is that the cost to send lots of low value transactions is negligible.— David Schwartz (@JoelKatz) October 30, 2019
We can say: even if the increase in the volume of transactions has triggered a lot of speculation, the XRP price completely unaffected.Which of the above theories do you consider to be most likely for the rise in XRP volume?Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)