A massive XRP transaction has recently caught the attention of the XRP community, prompting Ripple CTO, David Schwartz, to comment on the peculiar details of the event.
XRP enthusiast Saul (@uptownsaul) noticed this transaction and drew attention to it in a post on X. Saul was exploring XRP Scan, the leading XRP Ledger (XRPL) explorer, when he made the discovery.
Saul states, “I was just noodling around @xrpscan (a wonderful site), and I noticed a wallet activated today, October 11, 2023, with an inbound transaction of… 410 million XRP.”
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Exorbitant XRP Transaction Fee: What Happened?
On October 11, an XRP wallet was activated, and what made it particularly intriguing was the amount of XRP spent as a fee for the inbound transaction.
The transaction involved a staggering 410 million XRP, valued at over $197 million, and carried an unusually high transaction fee of 20 XRP. This amount spent is peculiar because standard XRP transaction fees are minuscule, usually around 0.00001 XRP.
In a follow-up post, Saul tagged Vet (@Vet_X0), an XRP ambassador and XRPL validator, asking, “Is it normal for a payment like this having a 20 XRP fee?” Vet replied that the payment should not have had such a fee, describing the 20 XRP fee as overkill.
David Schwartz Weighs In
Interestingly, the post caught the attention of Ripple CTO David Schwartz, who speculated that there might have been a significant error in setting the transaction fee.
Schwartz suggested that the sender might have tried to set the fee at 20 drops, but their calculation was off by a factor of 1 million, resulting in the substantial 20 XRP fee. When specifying XRP amounts, they can be written to indicate drops of XRP where one drop is equal to 0.000001 XRP.
I wonder if they meant to set the fee to 20 drops and were off by a factor a million.
— David "JoelKatz" Schwartz (@JoelKatz) October 11, 2023
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XRP Scan’s official account also weighed in, stating, “They’re trying to bring their account balance to 0 by burning account reserves. Probably unaware of the updated account reserve requirement and AccountDelete transaction.”
The official reply from XRP Scan suggests that the sender’s intention behind the 20 XRP transaction fee may have been to reduce their account balance to zero by burning their account reserve.
However, they appear to be unaware of the updated account reserve requirement and the use of the AccountDelete transaction, leading to the high fee. However, this isn’t the only recent large transaction to draw attention, as whales now control 26.8% of XRP’s supply.
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