Ripple has moved 100,000,000 XRP, worth more than $26.3 million to the wallet of co-founder Jed McCaleb, contributing to the controversy that is already surrounding the blockchain startup.
Ripple Moves 100 Million XRP
After battling investor derision over the continued sale of XRP to institutional investors, San Francisco-based Ripple has moved 100 million XRP into the wallet of its former co-founder.
McCaleb, who originally started the infamous Mt. Gox crypto exchange before moving on to Ripple and eventually Stellar, has added another 100 million XRP to his 9 billion XRP holdings.
🚨 🚨 100,000,000 #XRP (26,322,440 USD) transferred from Ripple to Jed McCaleb wallet
— Whale Alert (@whale_alert) September 7, 2019
Investors fear that McCaleb, who no longer has a role with Ripple, may sell his XRP en masse, further depressing the price of the coin.
We all know Jed McCaleb is gonna sell this overtime to fund XLM but has anyone seen that big of a transfer before? He's supposed to have a limit on his daily sales #XRP #XRPcommunity https://t.co/hcAl02jSQv
— Petit Donut (@PetitDonut1) September 7, 2019
While McCaleb originally signed an agreement with Ripple in 2014 limiting the amount of XRP he could sell to $520,000 per year, those restrictions are no longer in place. Instead, McCaleb is eligible to sell 750 million XRP this year and has been dumping 500,000 coins per day, according to Coin Metrics.
