Singapore – Ripple co-founder Jed McCaleb confirmed on December Thursday that he had sold 157.9 million XRP on the open market during the first week of December. As of press time, McCaleb earned US$86.8 million for the sold XRP. After the Ripple co-founder sold his XRP, the asset price fell by 6%.
According to Ripple, Jed McCaleb became a founding team member but left the project last 2013. When the former co-founder exited Ripple, he publicly announced that he would sell his XRP on the open market and donate some of the earnings to charity. He also mentioned that the other two Ripple co-founders were entitled to at least 11 billion XRP. However, what the public find concerning is McCaleb’s continuous dumps on the market.
Since Ripple sells millions of dollars’ worth of XRP each quarter, it will not become profitable if McCaleb will sell his. According to several sources, Ripple still holds 50% of all XRP in circulation, and many individuals see it as a problem.
Currently, McCaleb already sold more than 11% of his wallet. Other reports revealed that McCaleb sold more than 1 billion XRP between 2014 to 2019.
Meanwhile, on the same day, a massive amount of Ripple’s XRP has been transferred to various crypto exchanges, including a $400 million worth of XRP to Bithumb. One source concluded that it could be the result of the SPARK (FLR) airdrop coming in two days.
Data from a well-known whale-tracking transaction resource named Whale Alerts tweeted about a multitude of XRP transfers within 24 hours. Since then, millions of XRP has been transferred to various addresses.
Despite all the happenings, the third-largest coin is still holding a correction in a symmetrical triangle. However, some crypto critics said that a breakout could be expected soon since the RSI is already at 30, suggesting a possible reversal.