$26 million XRP was sent from Ripple Lab’s wallet to the now ex co-founder of the company Jed McCaleb as we are reading today in the latest cryptocurrency news reports. The investors are now worried about a potential sell-off which could lead the price of the altcoin down below the current rate of $0.26.
As per the reports by the Whale Alert, Jed McCaleb is now working as the CTO of Stellar which is among the top 15 largest cryptocurrencies by market cap. Previously, he worked on the CTO position of Ripple Labs but he left the company in 2013 and started working with the Stellar Development Foundation. He was also the founder of the popular Mt.Gox bitcoin exchange that is now currently not operating. He launched the site in 2010 in order to process Bitcoin to dollar traders. He later stated that he will sell the company to Mark Karpeles in 2011 but still retained some of the ownership until the collapse of the exchange in 2014.
McCaleb has been selling his XRP holdings massively over the past few years.
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Back in 2018, his token ownership was valued at $20 billion which made him the 40th richest person in the world. His company though had a series of lawsuits and agreements and he was prevented from dumping all of his holdings at once. The fear, however, is still here after the $26 million XRP was sent to his address because such a sell-off could send the price to zero. The XRP community was outraged at Ripple’s monthly sales since now they have more than 55 billion XRP locked up and are allowed to sell only 1 billion each month. The sales of these coins go towards marketing efforts and operational costs.
The community stated they feel betrayed and threatened to fork the Ripple project if their concerns are not addressed. They also started a petition in order to seek from the company to stop dumping their XRP. More than 3.5 thousand signatures have been gathered as we found out in the coming altcoin news. XRP is currently valued at around $0.26 and this position has barely changed over the past few months. XRP saw its peak in 2017 but the coin is still down around 45% from its 2019.
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