Thursday, November 26, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    Ripple Co-Founder Jed McCaleb Increases XRP Dumps By 266% in 2020

    Must Read

    Santiment: XRP Is Set To Surpass Ethereum in a Key Metric Maintained By ETH for Seven Months

    The cryptocurrency intelligence platform, Santiment, has indicated that the third-largest cryptocurrency by market cap, XRP, is set to surpass...

    Binance Announces Support for Spark Tokens Airdrop Planned By Flare for XRP Investors

    Binance, the arguably largest cryptocurrency exchange by trading volume, has announced the support for Spark tokens airdrop planned by...

    Ethereum 2.0 Now Ready To Go Live On 1st December with Over 700,000 ETH Deposits

    Over the past two days, there has been a remarkable increase in the commitment of the Ethereum community towards...
    Tobi Loba
    Tobi Loba
    Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to fulfill her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.




    Whale Alert, the bot that monitors, analyzes, and reports blockchain transactions, has calculated the sales of XRP by Jed McCaleb for 2020 up to 3rd August 2020. According to the report, the Ripple co-founder increased his sale of the digital token XRP by 266% in 2020.

    XRP has managed to solidify its position as the third-largest cryptocurrency by market capitalization with the steady price increase it embarked upon a few days ago.

    According to CoinMarketCap, on Sunday, the price of XRP hit $0.32, its highest price since mid-February 2020. However, the market made a bit retracement moments later, but the price pump is still strong. At the time of writing, XRP is trading at $0.307591, with a 6.59% price increase based on 24 hours estimation.

    Jed McCaleb Increases XRP Dumps By 266% in 2020

    The fact that the Ripple co-founder, Jed McCaleb holds about 9 billion XRP and could dump on the market, which would end in price crash, is causing anxiety within the XRP community.

    However, in order to control his sell-off rate, he went into an agreement with Ripple. This agreement limited the sum of XRP he could sell per year to avoid a devastating price dump. The agreement was revised in 2016.

    According to McCaleb, the revised agreement with Ripple “allows for significant increases in my selling ability as volume increases, something that was not possible before.”

    So, trading volume has increased again, giving the XRP whale the means to increase his selling rate.

    In an update on 3rd August, Whale Alert, the tracker of large cryptocurrency transactions from and to exchanges, stated that McCaleb sold an additional 266% of XRP in 2020 compared to 2019.

    According to Whale Alert, the average amount of XRP dumped by McCaleb on a daily basis is relatively 1.74 million worth $374,200.

    Could McCaleb Selloffs Have Negative Impact on the Price of XRP?

    So, the long-standing question is based on the impact his selloffs could leave on the price of XRP in the market. Going by Whale Alert’s assertion, his activity could be termed as insignificant:

    Whale Alert noted, “Compared to the total trade volume per day, the amount he is selling seems insignificant”

    Adding that “The real question is how much effect McCaleb has on the net amount of XRP available. Even though we do not yet have enough data to make a conclusive statement on this, we can determine that, because he is exclusively selling XRP, he is adding to the net amount available.

    “It seems that the profits are being cashed out directly through Bitstamp and we found no evidence that any of it is being reinvested into the crypto market.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Santiment: XRP Is Set To Surpass Ethereum in a Key Metric Maintained By ETH for Seven Months

    The cryptocurrency intelligence platform, Santiment, has indicated that the third-largest cryptocurrency by market cap, XRP, is set to surpass...

    Binance Announces Support for Spark Tokens Airdrop Planned By Flare for XRP Investors

    Binance, the arguably largest cryptocurrency exchange by trading volume, has announced the support for Spark tokens airdrop planned by Flare Network for the XRP...

    Ethereum 2.0 Now Ready To Go Live On 1st December with Over 700,000 ETH Deposits

    Over the past two days, there has been a remarkable increase in the commitment of the Ethereum community towards the launch of ETH 2.0...

    CipherTrace Is Determined To Unravel Monero (XMR) Transactions Obscurity

    CipherTrace, a blockchain analytics firm, is developing tools to track the transactions of the world’s largest privacy token, Monero (XMR). And in less than...

    XRP Surged Over 130% in the Last Week, Far Outpacing BTC and ETH –Forbes Explains Why

    The Ripple’s digital token XRP has been exhibiting a price uprising over the last week. It has significantly outpaced the surging trend of the...

    More Articles Like This