Jed McCaleb, one of the co-founders of Ripple and founder of the Stellar (XLM) network, received 100 million XRP from Ripple’s main wallet. The transaction called the attention in the crypto community because many investors consider Ripple is selling a large amount of XRP to the market. The information was released by Whale Alert on September 7.
Jed McCaleb Receives 100 Million XRP
Whale Alert, a recognized bot in Twitter that provides information about large amounts of crypto moved between different accounts. This time, the crypto account informed that 100 million XRP coins were moved from Ripple to Jed McCaleb. The funds moved were equal to $26,322,440.
Some individuals suggested that McCaleb could eventually sell these funds since he is allowed to do so as arranged with Ripple when he left. Nonetheless, we can only sell $10,000 worth of XRP in just a week. Nevertheless, it seemed that McCaleb decided to start selling more XRP coins in 2018.
Another issue that has been discussed by the XRP community is related to the fact that Ripple is currently selling large amounts of XRP to the market in order to be able to fund its operations. Ripple is trying to expand its services and products to as many companies as possible and this is something that requires operational expenditures.
Ripple is the owner of over 50% of the total XRP supply, raising concerns among the community about how centralized the XRP cryptocurrency currently is. Ripple claims that Bitcoin (BTC) is centralized because miners are located mostly in China.
Although the community has been against Ripple’s sells to the market, the company considers that it is certainly important to conduct these activities if they want to increase XRP’s utility. Indeed, there are several products created by Ripple that aim at helping financial institutions deal with cross-border transfers.
One of the most recognized Twitter accounts in the XRP community, @XRP_News, said that whatever Ripple is doing to help grow the XRP ecosystem it’s clearly not working. He has also mentioned that they want an independent digital asset for the whole community.
David Schwartz, the Chief Technology Officer (CTO) at Ripple, answered him that they are going to disappoint him with their policies.
I'm afraid we're going to massively disappoint you.
— David Schwartz (@JoelKatz) September 7, 2019
At the time of writing this article, XRP is being traded around $0.26 and it has a market capitalization of $11.17 billion. In the last 24 hours, XRP surged 1.56% as reported by CoinMarketCap.