The latest analysis of whale alert reveals that the XRP worth $26 million was sent from Ripple to a wallet that allegedly belongs to Stellear‘s Chief Executive Officer (CEO) Jed McCaleb.
XRP Moved From Ripple To Jed McCaleb Wallet
Although Ripple’s native token, XRP remains in a lowering graph of coinmarketcap, there seems no end to whales movement anytime soon. Per the recent finding by Whale Alert – a web portal that tracks large crypto transactions – around 100,000,000 XRP worth 26,322,440 USD has been transferred from Ripple to Stellar CEO Jed McCaleb’s wallet.
The amount got transferred from Ripple’s wallet, i.e. rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US to a wallet that belongs to Jed McCaleb, i.e. r4LxkCUXYTCUgwquN3BnsUxFacoVLjGFyF. Between two wallets-mentioned, XRP worth $26 Million deemed successful on Sep 7 at 18:20:52 UTC.
🚨 🚨 100,000,000 #XRP (26,322,440 USD) transferred from Ripple to Jed McCaleb wallet
— Whale Alert (@whale_alert) September 7, 2019
Who is Jed McCaleb and Why He Left Ripple?
It’s crucial to note that Jed McCaleb is not just a co-founder of Stellar.org, one of the leading cryptocurrencies, but he is also a former CTO of Ripple.
As per Ripple’s current CTO, David Schwartz, who reported in 2017, Jed owned XRP worth over $1 billion. Explaining the reason why Jed has left the company, he said, Ripple tried to stop Jed from dumping his XRP quickly via a series of lawsuits and this action of Ripple refusing Jed to do so led him to start a competition, Stellar.org.
Ripple Continuously Accused of Crashing XRP’s Price
However, Ripple whale movement in the crypto market is no more a surprise these days, but the XRP’s constant decline in term of daily value has raised the eyebrows of crypto enthusiasts and investors.
At the moment, XRP holds the third-largest spot with the market capitalization of $11,266,611,996. It is currently trading at $0.262108 against USD with a quick surge of 1.57 percent within the past 24 hours.
As the transactional history of cryptocurrency is open and can be easily accessible for users, the crypto community was quick to respond to their views on this movement.
— Famous Rapper (@camerongrey) September 7, 2019
It appears that the Ripple’s XRP bag holders aren’t happy with the way the company is currently working. They strongly believe the company’s continuous action of dumping XRP is weakening the price of XRP even more.
While Ripple is accused of selling XRP quarter over quarter, the XRP community is in its continuous effort of signing the petition that seeks the company to stop dumping XRP. The petition campaign has already received support from 3516 members as of today.
On the other hand, Ripple CEO Brad Garlinghouse has been on the charge responding to the community’s claim, noting that the XRP coins being sold are primarily to fund blockchain projects.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.