Because of whom did the XRP price drop?
Ripple (XRP) price has been one of the hardest declines in the past 24 hours. The price of XRP, which fell to $ 0.509 and lost about 11%, started to show signs of recovery in the last 2 hours. Although the main reason for this decline is that Bitcoin (BTC) suddenly fell to the $ 17,000 band, there are also important factors on the XRP basis.
Bitcoin Is Not The Only Reason For XRP Price Drop
It's no surprise that the XRP price declined after both Bitcoin's movement and the large amount of XRP transferred to co-founder Jed McCaleb's wallet. McCaleb, once one of the most important names in Ripple, has been selling XRP heavily since leaving the project.
According to the information provided by Whale Alert, Ripple recently sent a large amount of XRP to Jed McCaleb. It appears that 266,305,310 million XRP were sent in a single transaction. McCaleb immediately started selling them. Looking at Bithomp data, it is seen that McCaleb has already sold close to 30 million XRP. This amount corresponds to approximately $ 18 million and is definitely too much to underestimate.
XRP Rain on McCaleb
In addition, McCaleb has access to 113 million XRP sent to his wallet on December 1. In other words, before the mass sale, McCaleb had a total of more than 379 million XRP. If the famous founder suddenly decides to sell them in bulk, the XRP price may again drop sharply.
It is predicted that McCaleb will avoid such mass sales. This does not benefit the famous founder, as the mass sales suddenly press and lower the price. Instead, McCaleb sells from peaks as the price rises, earning more and making sure that it will bounce back when the price drops.
When will your XRPs be finished?
It is predicted that if McCaleb's XRPs continue to sell in this way, it will not end until the end of 2021. It is a known fact that the famous name with billions of XRPs is not very popular in the XRP community. McCaleb, who left Ripple's staff and launched rival crypto money project Stellar Lumens, seems to be the "most talked-about person" of XRP investors for a long time.
The XRP price is starting to recover as of now, which could lead to new sales for McCaleb.
