100 Million XRP was transferred to Ripple Co-founder Jeb McCaleb from Ripple Lab’s wallet address, as reported by the Whale Alert twitter account. Many are investors are worried about a potential sell-off which could drive the price down below its current rate of $0.26.
Jed McCaleb is currently the CTO of Stellar, the twelfth largest cryptocurrency by market cap. Previously, he also worked as the CTO of Ripple Labs. He left the company in 2013 to start the Stellar Development Foundation.
He also is the founder of the infamous MtGox Bitcoin exchange, launching the site in 2010 to process Bitcoin to dollar trades. He later sold the company to Mark Karpeles in 2011 and retained some ownership until the collapse of the exchange in 2014.
The community is seeing this as a betrayal, threatening to fork the Ripple project if their concerns are not addressed. A petition started by the community seeks to get the company to stop dumping their XRP. Over 3.5k signatures have been gathered.
XRP is currently valued at around $0.26, barely changing over the past few months. XRP saw its peak in 2017 when it reached $3.23. The coin is still down around 45% from its 2019 high of $0.46
Where do you think the price of XRP will go next? Are there troubled waters ahead for Ripple? Let us know your thoughts in the comments below!
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