Altcoin News: Ripple Transfers 100 Million XRP to Project Co-Founder Jed McCaleb

September 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

$26 million in XRP was transferred to Ripple co-founder Jed McCaleb from the Ripple Lab wallet. Many investors are worried about the possible massive sale of cryptocurrency and a dump in its price.

It was reported by the Twitter channel Whale Alert, which monitors large cryptocurrency transactions. McCaleb is CTO at Stellar, previously held a similar position at Ripple Labs but left the company in 2013 to found the Stellar Development Foundation.

McCaleb was also the founder of the notorious MtGox exchange, but in 2011 he sold the company to Mark Karpeles and retained some ownership rights until the exchange crash in 2014.

At the beginning of 2018, it was reported that McCaleb owns XRP worth $20 billion (at that time, the token exchange rate briefly exceeded $3, which is 12 times higher than the current one — ed. ). Through a series of lawsuits and agreements, Ripple tried to prevent him from selling all of his assets at a time because of fears that such actions could lead to a sharp drop in the price of XRP.

Last month, one of the users of the social network Crypto Bitlord on Twitter filed a petition on Change.org, in which he urged Ripple to stop “dumping” the company’s XRP tokens onto the market.

Recall that in May 2017, Ripple froze on the escrow accounts the 55 billion XRP remaining at its disposal, with the possibility of unlocking 1 billion coins every month. Thus, 27 billion XRPs are now unlocked, and the full amount will be available by the end of 2021.

The XRP price peaked in 2017 when the coin was worth $3.23. Currently, the price of cryptocurrency is $0.26 and has not changed much over the past few months.

Author: Marko Vidrih