Massive XRP Dump Could See Price Suffer as Co-Founder Cashes In

2021-2-16 22:56

The XRP price could suffer in the coming months as the former CTO and ex-founder Jed McCaleb could dump nearly 3 billion of the tokens on the market.

XRP is battling to retain a top five spot at the moment. And the current possibility of ex-CTO and founder of Ripple, Jed McCaleb selling all his holdings won’t help. 

McCaleb, who left Ripple several years ago to start Stellar (XLM), still holds nearly 3 billion XRP tokens. Crypto analyst Leonidas Hadjiloizou recently tweeted that Ripple’s ex-CTO could dump all his XRP holdings by the end of the year. Or quite possibly as soon as May. 

Hadjiloizou is an avid follower of XRP data and admits McCaleb could be looking to dump the rest of his bags this year. McCaleb currently holds 2.89 billion XRP. The tweet also estimates that McCaleb would be dumping over 38 million XRP daily this week, for a total of $166 million. 

Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268M XRP or $166M at current prices in 1 week.

At this rate, his 2.896B XRP would run out by May.
At half that rate (19M per day) he would run out by mid-July.
At 10M per day by the end of the year. pic.twitter.com/ZxdmlXDvMR

— Leonidas Hadjiloizou (@LeoHadjiloizou) February 14, 2021 XRP Recovering From SEC Charges 

XRP appears to be on the mend following charges set out against Ripple Labs by The U.S. Securities and Exchange Commission (SEC). A massive sell-off by the ex-CTO could diminish any decent recovery the project has had. 

Furthermore, it could see its market capitalization drop. This would potentially give it a slim chance of falling out of the top 10. McCaleb is said to have sold over $400 million worth of the token in 2020 alone. Even after the SEC charges were announced, McCaleb was selling over 28.6 million XRP, or $8.58 million at the time. 

The possibility of the Ripple co-founder market dumping nearly 2.89 billion coins over the course of several weeks could push prices down dramatically. 

Source: TradingView

XRP has managed to recover over 200% following the December 2020 market sell-off. The SEC charges have led to huge fear in the market as exchanges such as Kraken delisted the token. Grayscale, a digital asset management firm with over $10 billion in digital assets under management, also removed the coin from its Digital Large Cap (DLC fund).

The impressive recovery could now be hampered by the co-founder, who no longer works on the project and still holds a sizable chunk of tokens. The SEC charges remain unresolved, and it’s unclear yet whether the project can put the issue behind it. Further backlash would most likely see it drop out of the top 10 eventually. 

The post Massive XRP Dump Could See Price Suffer as Co-Founder Cashes In appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 0.5216 (-0.10%)
Объем 24H $543.375m
Изменеия 24h: -0.76 %, 7d: 2.98 %
Cегодня L: $0.5199 - H: $0.5256
Капитализация $28.837b Rank 7
Цена в час новости $ 0.57 (-8.49%)

xrp ripple mccaleb holdings nearly won holds

Источник: beincrypto.com

xrp ripple → Результатов: 126


Can Ripple’s XRP Reach $1,000?

X user @B_arri_C made a bold prediction that XRP, the digital asset from fintech company Ripple, could potentially reach $1,000 per token in the future. What’s the rationale behind such lofty expectations? The Case for Triple-Digit XRP @B_arri_C laid out an argument that with Ripple’s massive global expansion plans for financial transactions, widespread adoption could […] The post Can Ripple’s XRP Reach $1,000? appeared first on CaptainAltcoin.

2024-1-26 21:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

XRP Price Prediction: Bullish Breakout In the Works

The XRP price is expected to break out from the current triangle pattern after consolidating for a short period of time. It's unclear if it will be able to reclaim the long-term $0. 60 resistance area after.

XRP Price Eyes $0.60 But the Bottom Is Likely Not In

Over the last week, the XRP price charted a 15% uptick from the $0.45 level and is now oscillating near the $0.53 mark. The post XRP Price Eyes $0.60 But the Bottom Is Likely Not In appeared first on BeInCrypto.

XRP Whales Continue Accumulating as Sentiment Turns Positive

XRP has managed to outperform every cryptocurrency in the top 100 coins by market cap gaining over 67% in the last week alone, but what’s behind these bullish waves? The post XRP Whales Continue Accumulating as Sentiment Turns Positive appeared first on BeInCrypto.