  This study analyzes the remittance transaction recorded on the XRP ledger for
ETH and USD from July 2017 to Jun 2018, including the bubble period in early
2018. Using the Hodge decomposition, we estimate the ``loop flow'' in the
international remittance of cryptoassets during the bubble period. We found
characteristic differences between those fiat currencies and cryptoassets
during the bubble period. For ETH, there was a significant increase in the loop
flow during the cryptoasset price peak. This might be related to money
laundering or arbitrage transaction. There was a slight increase in the loop
flow for USD during the cryptoasset price peak.
