100 Million XRP Moved from Ripple to Jed McCaleb Wallet; XRPArmy Fears Another Price Dump Coming

A whopping over $26 million worth of XRP has been transferred from Ripple to Jed McCaleb, Ripple co-founder who also created 12th largest cryptocurrency by market cap Stellar.

In 2014, the company struck a deal with the original creator of the digital asset to prevent the sell-off of 9 billion XRP, that year.

About a year back, in 2018, the price of the digital asset fell more than 14 percent in just 24 hours, with reports suggesting McCaleb was behind that dump.

At that time, the Wall Street Journal reported that McCaleb, who left Ripple in 2013 might be putting pressure on XRP price by selling the cryptocurrency.

However, McCaleb said,

“I’m not selling more than I have agreed to with Ripple.”

Interestingly, McCaleb is reported by CoinMetrics to be selling 500,000 XRP each day. Ripple itself has also been participating in ten of millions of worth of sales to cover the expenses and build up its balance sheet.

Now, that 100 million XRP has moved to McCaleb’s account, the market is yet again in fear of mass selling that could trigger another drop in price.

Currently, XRP is in the green by 2.79% trading at $0.26, still down over 92% from its all-time high of $3.40, hit in January 2018.

Since September started, a huge amount of XRP has been on the move, as per Whale Alert:

  • 10,000,000 XRP was transferred from Bithumb to an unknown wallet
  • 30,000,000 XRP was transferred from unknown wallet to Binance
  • 27,267,000 XRP was yet again transferred from Bithumb to an unknown wallet
  • 99,999,975 XRP was transferred from unknown wallet to an unknown wallet
  • 100,000,000 XRP was transferred from unknown wallet to an unknown wallet
  • 22,552,393 XRP was transferred from unknown wallet to Bitstamp
  • 100,000,000 XRP was transferred from unknown wallet to an unknown wallet
  • 100,000,000 XRP was transferred from unknown wallet to an unknown wallet
  • 50,000,000 XRP was transferred from Ripple to Ripple OTC Distribution wallet
  • 19,441,269 XRP was transferred from Ripple OTC Distribution wallet to an unknown wallet
  • 40,000,000 XRP was transferred from Funding Wallet 1 to an unknown wallet
  • 40,000,000 XRP (was) transferred from unknown wallet to Funding Wallet 1

During this period, 1 billion XRP was unlocked from escrow at Ripple Escrow wallet which was then transferred to Ripple. Out of these, 800 million XRP was then locked in escrow at Ripple.

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Author: AnTy

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