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XRP, which is currently trading at $0.56 and has increased in price by more than 8% in the last seven days, is gaining traction. The market movement coincides with revived excitement among XRP backers, who have encouraged crypto exchanges to reopen XRP trading even before the court releases its final decision.
Most of the hype started when members of the XRP collective launched the “relistXRP” initiative on Twitter. Although it could not have had a significant effect on exchange operators, cryptocurrency exchanges such as Lykke have agreed to re-list the token as of March 27.
Such XRP business trends have not stopped Ripple’s former Chief Technology Officer Jed McCaleb from selling his stock. McCaleb has sold almost 127 million XRP from his “tacostand” wallet in the last two weeks. Ripple transfers XRP to the same wallet address as part of his arbitration deal, worth nearly 9 billion XRP. These funds are part of his incentive package for his role in creating the payment protocol.
Ripple has been transferring substantial quantities of cryptocurrency to McCaleb in batches since his departure. However, the retired tech boss continues to sell it, leaving him with 326,302,344.081823 XRP at the time of release.
XRPscan details tabulated McCaleb’s various transfers, which included a transfer of 126.6 million XRP (approximately $71,000,000 in fiat) after March 15, in separate transactions of one transfer per day.
Previously, McCaleb moved 7,472,592.970000 XRP in two different transfers on March 22 and 21.
XRP’s price, however, has not been affected by such massive on-chain dumps, considering the fact that the crypto asset’s price has been fluctuating recently.