The cryptocurrency market has seen a resurgence in terms of volume and a spike in market momentum. Cryptocurrency scanners have caught many significant movements of major coins like Bitcoin [BTC], Ethereum [ETH] and XRP across wallets and exchanges, something that was unseen during the bear market of 2018.
In a recent tweet, XRPL Monitor, the data aggregator for XRP, revealed that a whopping 10.1 million XRP were moved to a Coinbase Pro account. The exact amount of 10,111,072.535 XRP was charged 20 XRP for the entire transaction.
The sender had sent everything from the account which held an address of rH51tppA1cF5J75GS6MqaJhJfQFm2PPXG2. Analysis of the receiver wallet showed that the receiver balance amounted to 10,117,190 XRP, which meant that the wallet already had a balance of 6,118 XRP, before the transaction. The transaction ID for this particular movement was 37135BF0D7C270838F1B2ADF154840609EE8FF0AE0214A20D901F2A182EA1E60.
Many users had certain queries about the transactions, with George Leithead, an XRP enthusiast asking,
“How did the balance get to 0? Isn’t there a minimum for all wallets (more for multi signature wallets)”
To this, Cale Robertson, another XRP community member replied,
“A wallet can go below the reserve if it’s the tx fee that takes it below that threshold. The account is still active in the sense other accounts can interact (i.e. send a payment to it), but it is no longer able to make txs itself until it is funded back over that reserve.”
XRP was given a boost recently after Kava Labs introduced the ‘Switch’ for non-custodial trading of Bitcoin and XRP. The company had elucidated that Switch dodges the traditional DEX by employing streaming micropayments. Kava Labs further added that streaming micropayments will work by moving little bits of value, piece-by-piece, until the entire payment or trade is complete.