Whale Alert Reveals Indiscriminate Sale Of XRP By Whales

As the price of Ripple’s XRP struggles to climb higher heights, it appears holders keep seeing more reasons to worry. Actually, Sale of XRPSale of XRP While this highly controversial annual event causes panic in the long term, it appears XRP’s parent company is not the only XRP whale dumping the coin on the market.

XRP Holders Still Have Many Things To Worry About

Analyses by popular crypto transaction vigilante, Whale alert confirmed another whale whose regular sale of XRP may become injurious to the community.

In a recent blog post, Whale alert took to Medium to reveal that Jed McCaleb, former Ripple co-founder has been selling off millions of XRP for a long time now. This sale period, expected to last for about 20 years, has seen Jed sold off more than 1billion XRP between 2014 and 2019.

The community has suffered the symptoms (market dilution) of this indiscriminate selling for some years now and is beginning to worry about future prospects. Not only Jed’s sell off but also in combination with that of Ripple itself and other XRP Whales whose activities are yet to be noticed.

Jed McCaleb who now serves as the CTO of Stellar has been transparent about his sell-off of XRP from the very start. He also believes that his sale of XRP is strategic and does not and neither in the future will it dissolve XRP markets. According to Jed,

“I have been transparent from the beginning. The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry. I think the history to date shows there is no impact on the market, and I don’t see any reason why that will change.”

Crypto Twitter Shows Concern on Sale of XRP

As the community grows restless with curiosities, Jed had to answer questions relating to whether he sells XRP to hurt the parent company, Ripple. According to him,

“We’re all working towards making blockchain a viable, transformative industry. I think we can do that more effectively if we’re supportive of others in the space. For my part, I’m focused on growing the Stellar ecosystem.”

However, Jed’s testimony of having no qualms with Ripple was not enough to parry a basket of opinions and questions relating to the situation. According to renowned former eToro analyst, Mati Greenspan,

It’s not possible to sell off more than 2% of the total circulating supply of a token without influencing the price at least a little.

Other community members echoed the affirmative with some even insinuating that Jed will most likely do the same to Stellar. Additionally, according to Twitter user, @hopiumhater,

XRP’s 2020 Price Movement 

Within the last 24 hours, the price of XRP has climbed slowly towards the $0.3 mark. Although previously, XRP surpassed this level to touch a record $0.33 for the first time this year, the coin has since then dropped in value and now struggles $0.293 per unit. 

Since the beginning of this year, XRP has gained more than 50% of its year end value of 2019. At the moment, XRP remains one of the top gainers among cryptocurrencies which responded to a new year bull run alongside Bitcoin. 

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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