Ripple Sent About 64 Million XRPs To Its Ex-Directors Wallet
The crypto community was seriously excited by the news that Ripple transferred about 64 million XRP to the account of its ex-technical director. This large-scale transaction became known thanks to Keith Alert. Is this action likely to provoke a collapse in the cost of XRP shortly?
Ripple Withdrew About 64 Million XRP to McCaleb’s Account
Whale Alert reported insider news that Ripple made a transfer of 63,704,590 XRPs to the personal wallet of former technical director Jed McCaleb. This transaction is valued at more than $12 million.
Whale Alert noted that this tranche is not a single transaction between these “players”. This is part of the contract, which establishes the rules that govern the sale of assets by McCaleb. Now, in the conditions of the cryptocurrency market instability, the idea of mass dumping of tokens is in the air and this worries the participants of the crypto community. According to insider data, McCaleb has billions of XRPs at his disposal, so he is interested in selling them fast.
Many crypto enthusiasts believe that this event is directly related to the upcoming XRP collapse.
Does XRP expect for a price drop?
McCaleb stood at the origins of the creation of Ripple. But he was only one year in the role of co-founder. In 2013, he decided to retire from Ripple to create Stellar cryptocurrency (XLM). After leaving Ripple, he received a stake of 9 billion XRP tokens. They are stored on several wallets.
Now, periodically, McCaleb sells these tokens on exchanges. Such actions on his part cause dissatisfaction among XRP investors. They worry that selling tokens on the open market could trigger an XRP price drop.
Whale Alert is more optimistic about this. He notes that the number of tokens sold by McCaleb is a tiny fraction of the total XRP. Ripple’s ex-technical director for the previous three years sold an over 1.05 billion XRP.
According to Whale Alert, there are about 4.5 billion XRPs at the disposal of McCaleb. This amount is equal to 5% of the total capital of XRP. Based on the trading activity of McCaleb, it will take him about 20 years to sell all the capital.
Whale Alert noted:
“We do not have complete information about all XRP sales that Jed McCaleb made. But now we can say that this increases the net amount of XRP.”
Whale Alert also believes that the activation of Jed McCaleb in the cryptocurrency market is associated with the approaching end of the contract with Ripple. Now McCaleb is massively dumping assets and cashing money to leave as a winner.