Cryptocurrency

The Unloved Ripple Whale Unloads Tens of Millions of XRP!

Fintech service provider Ripple came to the fore with XRP transfers again. and the San Francisco-based blockchain payments giant sent some XRP to former Ripple CTO and founder Jed McCaleb. This process was shared by Whale Alert, which tracks major coin transfers.

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Ripple sent 291 million XRP to McCaleb – 10 million instantly sold

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According to a tweet by Whale Alert, which monitors major cryptocurrency processes, Jed McCaleb has received more than 291 million XRP tokens from the company. However, McCaleb did not bother to delay the sale of XRP and sent about 10 million XRP to a cryptocurrency exchange. Data shared by Whale Alert shows that about fifteen hours ago, Ripple Labs transferred 291,570,224 XRP tokens to “tacostand,” the wallet for Jed McCaleb. This equates to over $192 million at the coin’s current exchange rate.

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McCaleb’s tacostand wallet

Cryptocoin. com, Ripple sent 408, 123, 659 XRP to Jed McCaleb in his last payment on June 3, 2021. After selling 9,859,906 XRP today, the former CTO of Ripple has 631,267,190 XRP left in his wallet.

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McCaleb is about to finish his XRPs

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In 2013, a year after the founding of the blockchain company that started as OpenCoin and was rebranded as Ripple a few years later, McCaleb; Due to disagreements with fellow co-founder Christopher Larsen over the company’s next move, he decided to leave his position as CTO and the company itself. McCaleb was awarded a compensation of nine billion XRP. However, according to the rules of the agreement, McCaleb is not allowed to sell billions of XRP at once in order not to drive the price of the cryptocurrency to zero.

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Since then, McCaleb has obviously been receiving XRP transfers and selling some of it. A number of individuals in the cryptocurrency space believe Jed will run out of nine billion XRP in September. XRP ranks as the sixth cryptocurrency by market cap at the time of writing, changing hands at $0.66, up 0.4 percent in the last 24 hours.

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