It seems that we can expect more XRP to be dumped on the market by ex-CTO of Ripple, Jed McCaleb. 100M XRP, valued at more than $26M, was just moved into his wallet.
It’s no secret that McCaleb has been mass dumping his XRP tokens onto the market for almost two years. Even back in September 2018, the Wall Street Journal reported that McCaleb was selling around 40,000 XRP per day, a trend which accelerated as by the end of 2018. In case you don’t know, McCaleb and his children originally owned some 7.3 billion XRP.
Although the mass-selling seemed to subside for much of 2019, it may be back on the agenda for McCaleb. The former CTO just received 100,000,000 XRP ($26.3M) to his wallet. Whale Alert (@whale_alert) reported on the transfer earlier today.
🚨 🚨 100,000,000 #XRP (26,322,440 USD) transferred from Ripple to Jed McCaleb wallet
— Whale Alert (@whale_alert) September 7, 2019
It’s unclear what McCaleb is exactly doing with these funds, but he has accrued tens upon millions of dollars as a result of his mass-selling. Moreover, he is also the CTO and founder of Stellar Lumens, a direct competitor to Ripple. Some accuse him of sabotage, but his motivation seems to be largely greed which, apparently, knows no bounds. Lest not forget, McCaleb was also the founder of the notorious Mt. Gox.
As @Crypto_Bitlord put it succinctly:
Wow. Another cool $26M Jed can unload at market. This shits out of control
— CRYPTO BITLORD (@Crypto_Bitlord) September 7, 2019
It’s unclear when we can expect this 100M XRP to hit the market, but we can be sure that it will. That should definitely worry XRP holders, considering that the cryptocurrency is the worst-performing out of the entire top 10 by market capitalization.
The situation, for now, seems grim and McCaleb’s recent transfer is not going to ease any anxiety. Smart traders should definitely start setting stop losses just in case XRP falls under key support levels.
Why do you think McCaleb is unabashedly mass-selling his XRP onto the market? Let us know your thoughts in the comments down below. While you’re at it, take a look at our guide on the best cryptocurrency exchanges for trading Bitcoins.
Images are courtesy of Twitter, Shutterstock.