Jed McCaleb: "My XRP sale cannot break the cryptocurrency market"

Jed McCaleb:

A recent Medium post from the whale Alert blockchain tracking account shows that Jed McCaleb - Stellar's CTO and former Ripple co-founder, sold more than 1 billion XRP between 2014 and 2019. Try to analyze whether the sale of XRP by McCaleb will affect the price of this token. Whale Alert emphasizes that compared to the total volume of other transactions per day, the amount of money McCaleb is selling seems insignificant.

After following the article, McCaleb told CoinTelegraph in an interview that the strange thing is that a lot of people pay attention to his recent XRP transaction, and said others are selling a lot more than he. He said:

“I was transparent from the start. The market has known for years that I've sold my XRP at a slow, steady pace. My investment decision is not based on any negative impact requests from companies in this industry. I think history so far shows no impact on the market, and I don't see any reason for that to change. ”

McCaleb - who was co-founder of Ripple until 2013 and is currently CTO of Stellar (XLM), also responded to the hypothesis that he sold XRP to sabotage Ripple. McCaleb stated he does not consider other blockchain networks to be competitors. He explained:

“We are all working to turn blockchain into a viable transformative industry. I think we can do it more effectively if we support others in space. For my part, I have focused on developing the Stellar ecosystem. ”

Ripple comments on a 7-year deal with McCaleb

On August 14, 2014, Ripple posted an article on the company's forum explaining McCaleb's XRP earnings settlement. The article details how XRP is distributed to Ripple's original founders, noting that 20 billion XRP is distributed to these individuals.

McCaleb stated that his intention was to sell his stake in XRP. Ripple Labs then signed an agreement with McCaleb to sign a seven-year contract to ensure he would sell his XRP numbers in a way that helped develop the Ripple ecosystem. A Ripple spokesperson told CoinTelegraph:

“In 2016, we signed a very structured agreement with Jed to ensure his distribution of XRP shares would serve a healthy growing ecosystem without disrupting the market. , with Ripple being Jed's XRP digital custodian. This deal is still valid today. Much of this information is public. "

Interestingly, although Ripple posted the deal on the company's forum in August 2014, Ripple told CoinTelegraph that this was replaced by an updated deal in 2016. This means is McCaleb's 7-year deal with Ripple that won't end until 2023.

Whale Alert noted in his blog post that McCaleb's deal will expire this year (based on Ripple's blog post in 2014). Whale Alert also hypothesized that McCaleb's XRP numbers are being sold directly on the Bitstamp exchange. However, McCaleb told CoinTelegraph that he was selling his XRP on Ripple's internal exchange.

Price analysis of XRP

While McCaleb claims his sale of XRP does not affect XRP's market price, others think otherwise. Mati Greenspan, founder of Quantum Economics and senior market analyst at eToro, told CoinTelegraph that McCaleb's XRP sales are one of the reasons XRP has been underperforming recently. He said:

“Price is a simple matter of overall volume on the buy side compared to the overall volume on the sell side. So a lot of tokens being sold out will undoubtedly cause downward pressure, especially when we are talking about large numbers. ”

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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