XRP Still in the Green Following Co-founder Sell-off

XRP Still in the Green Following Co-founder Sell-off

A Wall Street Journal article on Ripple circulated on the 24th of September. It slowly caused community reaction as the news gained traction.

Jed McCaleb, Ripple’s co-founder, left the startup in 2013. He went on to build Stellar the following year. McCaleb is said to have kept XRP worth billions of dollars. His heightening XRP sell-off is said to be one of the major factors that caused its price to fall early this week according to WSJ.

XRP is used by Ripple to support its business and to expand it. It is also used to invest in or finance other projects such as Omni and the venture fund Xpring. It has the third largest market cap as per CoinMarketCap valued at over $20 million. Last weekend its market cap outshone Ethereum. It became the second largest cryptocurrency but only for a few days.

McCaleb has responded to WSJ through an email. He affirms that he is not selling more than what he has agreed upon with Ripple.

In 2014, he and Ripple signed an agreement restricting McCaleb’s XRP sale to a daily cap. This initial agreement was then revised two years later. In the amended agreement he is permitted to sell the tokens based on its average daily volume. His XRP is held under custody by Ripple, therefore he has no direct authority in the releasing of his own tokens.

Up until this August, McCaleb has been trading his XRP lower than the 0.75 percent cap. But by July, he was selling off tokens worth $20,000 to $40,000. And by August 499,312 of his said tokens were put in the market.

But despite this news, XRP is still trading healthy with over $1 billion volume as today.

XRP

XRP
Price
0.3194 USD 0.16%
0.00008858 BTC -1.03%
Volume, 24h
207,393,298 USD
24.19%
Marketcap
13,112,409,428 USD
11%
Emission
41%

Related news

XRP Daily Price Forecast – January 23

XRP/USD Medium-term Trend: Bullish Resistance Levels: $ 0.61, $0.63, $ 0.65 Support Levels: $0.32, $0.30, $0.28 Yesterday, January 22, the XRP price is in the bearish trend zone. The bulls defended the $0.32 price level as the bears failed to break the $0.32 price level. The crypto’s price is still in the bearish trend zone, as the bulls are making frantic efforts to break the 12-day EMA and the 26-day EMA to the bullish trend zone. As it was earlier suggested, that traders should initiate long trades at the lower price level in anticipation of a bullish trend. Today, the crypto’s price is rising and attempting to break the 26-day EMA. Meanwhile, the MACD line and signal line are below the zero line which indicates a sell signal. XRP/USD Short-term Trend: Bullish On the 1-hour chart, the XRP price is in a bullish trend zone. Today, a price reversal candlestick like a hammer appears at the support level reversing the downtrend. The bulls have broken the 12-day EMA and the 26-day EMA to reach the bullish trend zone. The crypto’s price is expected to reach the $0.34 price level and break it. If the bulls break the $0.34 price level, the crypto will be out of the $0.32 and $0.34 price range. Meanwhile, the stochastic is out of the overbought region but below the 60% range indicating that the crypto is in a bearish momentum and a sell signal The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Bitcoin Exchange Guide

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.