XRP Holders Prepare For Price Dump After 63.7M Coins Get Unlocked

The XRP holders are preparing now for a possible price dump since the Co-founder Jed McCaleb transferred 63 million XRP coins to his personal wallet as we are reading further in the ripple news.

During the day yesterday, Whale Alert flagged a massive XRP transfer from Jed McCaleb settlement to the personal wallet of Jed McCaleb where more than $12 million worth of XRP coins is now ready to be dumped on the market. The crypto transaction tracker pointed out that this transfer was a part of a new settlement between Ripple and McCaleb:

‘’From his account Tacostand the #XRP periodically gets sent to the account rLkM…Q1A where it is being sold’’

Just when the Ripple token looked like it’s on a path to recovery and the company even announced a new exchange listing, the XRP holders are facing another problem from the over-supply of the platform while in the meantime Jed McCaleb is dumping on them. The tweet was met with a lot of fury from the holders and XRP opponents. The consensus was eventually the same that a Dump is coming. McCaleb joined ripple back in 2014 and was among the ones who worked on creating the XRP token. He then left the company and worked with Stellar but agreed on a settlement of XRP to be paid overtime.
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Whale alert pointed out that this is usually sold on the open market and frustrates the XRP holders. McCaleb may only sell a certain amount of the coins and he is obliged to do so with the caution of the average market prices. As per the Whale Alert tweet:

‘’Compared to the total trade volume per day, the amount he is selling seems insignificant. For instance, from the 1st to the 7th of June 2017, he sold a total of 2.5 million XRP for $741,000 USD. The total trade volume that week for the XRP/USD pair on Bitstamp alone was 127 million XRP, but volume is not a good indicator for how much the market can absorb. He is adding to the net amount available. It is also important to note that it seems that the profits are being cashed out directly through Bitstamp and we found no evidence that any of it is being reinvested into the crypto market.’’