Wednesday, August 5, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    Crypto Whale Says XRP Owners Are Stifling Its Price to Minimize Jed McCaleb’s Sell-Off Impact

    Must Read

    Coinbase CEO Brian Armstrong Clarifies What Caused Delayed Transactions of Ethereum (ETH)

    The CEO of Coinbase, Brian Armstrong has recently tweeted to clarify what majorly caused the delayed transactions of Ethereum...

    US Congressman: Bitcoin (BTC) Is Not Going Away, Will Rather Become Integral Part of Americans’ Future

    Bitcoin (BTC), the first and largest cryptocurrency has been garnering much-needed recognition lately. A member of the United States...

    $1 Billion Worth of Bitcoin (BTC) Transaction That Caught the Attention of Thousands of Investors

    A $1 billion worth of Bitcoin transaction has caught the attention of thousands of cryptocurrency investors and making waves...
    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.




    Ripple and its digital token XRP have been in a mutual and profitable journey over the years. The two payments entities have made impacts amidst major businesses and institutions. More importantly, Ripple and the digital token XRP have come out successfully from the highly competitive cross-border and international payments industry.

    Nevertheless, despite all the significant efforts put in place by Ripple to create liquidity expected to favor the price of XRP, the growth of the digital token has been lethargic year-to-date. This slow growth has actually left many XRP and crypto enthusiasts wondering.

    CryptoWhale Says XRP Holders Are Temporarily Suppressing Its Price

    A trader and cryptocurrency researcher, who is a user on Medium, identified as CryptoWhale on the platform, shared a detailed view on how XRP owners are temporarily suppressing the price of the digital currency to ensure that the co-founder Jed McCaleb’s sell-off does not significantly impact its future growth.

    Jed McCaleb co-founded Ripple with Chris Larsen but left the firm to create Stellar (XLM), a decentralized payment network that has the semblance of XRP.

    Also, the same McCaleb founded Mt.Gox exchange that was known as the largest Bitcoin exchange which used to handle over 70% of all Bitcoin (BTC) transactions. However, after becoming greatly popular, it went bankrupt in 2014 as a result of the loss of 850,000 BTC worth $1 billion at that time.

    Impact of Jed McCaleb on the Price of XRP and Ripple’s Action

    In early 2013, when Jed McCaleb left Ripple, he was in possession of about 7 billion XRP, which would leave a devastating impact on the price of XRP if sold at once.

    According to CryptoWhale, the tracked activity of McCaleb reveals that he now sells 1.8 million – 2.7 million XRP a day, which is over $400,000–$600,000 a day.

    After a lawsuit meant to control McCaleb’s XRP selling rate, the Ripple CTO David Schwartz stated as follows: “Thanks to Ripple’s refusal, Jed’s XRP will probably be worth more than $1bn. He will probably be the only person to become a self-made billionaire despite his best efforts.”

    When Jed McCaleb was responding to the question of his XRP sell-off, he pointed out that “The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry.”

    The board of directors at Ripple realized McCaleb’s XRP selling impact if not prevented. This made the two parties go into an agreement that is capable of controlling the amount he could sell daily, to maintain the future growth of XRP.




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Coinbase CEO Brian Armstrong Clarifies What Caused Delayed Transactions of Ethereum (ETH)

    The CEO of Coinbase, Brian Armstrong has recently tweeted to clarify what majorly caused the delayed transactions of Ethereum...

    US Congressman: Bitcoin (BTC) Is Not Going Away, Will Rather Become Integral Part of Americans’ Future

    Bitcoin (BTC), the first and largest cryptocurrency has been garnering much-needed recognition lately. A member of the United States Congress, Tom Emmer, just made...

    $1 Billion Worth of Bitcoin (BTC) Transaction That Caught the Attention of Thousands of Investors

    A $1 billion worth of Bitcoin transaction has caught the attention of thousands of cryptocurrency investors and making waves among the crypto pundits. Bitcoin Whale...

    Cardano Records over 700 Decentralized Stakepools within Five Days of Shelley Hard Fork

    The Shelley hard fork that brought about the full decentralization of the Cardano network was successfully conducted on 29th July 2020. The number of...

    Xpring Announces Additional Investment in XRPL Labs to Support XRP-Based Banking App XUMM

    Xpring, the arm of Ripple that focuses on investing in XRP-focused startups, has announced an additional investment in XRPL Labs to support the continued...

    More Articles Like This