The cryptocurrency situation is tense and most importantly, Ripple (XRP) is not exempt from it. Somehow, the coin can’t get out of its downtrend and traders should keep an eye on it to avoid losing everything. After hitting a multi-year high in April, which saw Ripple rise to nearly $2, there’s not much left. The opposite is true. On June 22, it fell to a multi-month low of $0.51. This is also due to McCaleb selling, as he systematically sold to neatly increase his wealth. But how much longer can Ripple keep up this shakiness?
McCaleb sales soon to end?
Jed McCaleb, Ripple co-founder, has been dumping XRP for some time now. Usually, this is interpreted as price action. But the dumping has other reasons. No sooner was Ripple listed on crypto exchanges around the world than the co-founder took his leave, receiving around 12 percent of all the Ripple originally generated after he left in a dispute. That’s 9.5 billion XRP. He has now systematically dumped this on the market so that he could increase his fortune. However, this haunt may be coming to an end soon, as Jed Balance ‘s data shows.
By now, just shy of 1 billion Ripple is said to remain in McCaleb’s accounts. If he sells them at his usual pace, the haunting should finally be over in the fall or winter. On Reddit, this news is already being celebrated by XPR followers. Because then it would finally be possible for a price trend determined by the free market to set in.
Is McCaleb actually influencing the market?
Whether McCaleb really influences the market is not certain. For he had assured that he would never sell more than 1.5 percent of the worldwide trade per day. This clause should exclude that he has influence on the market. Furthermore, direct effects from McCaleb’s sales are also not to be found in the historical charts. On the other hand, of course, one must also see that McCaleb daily throws several million XRP on the market and in thus also became a billionaire.
Ripple finally hopes to end
But not only that. The <a href=”https://cryptomonday.de/ripple-fuehrungskraeften-geht-es-an-den-kragen-sec-fordert-einsicht-in-deren-persoenliche-finanzen/” target=”_self” rel=”noopener”>Supervisor SEC is also still in the room. It alleges that Ripple has been running businesses across US state lines with unauthorized transactions. Even if Ripple and the banking world continue unperturbed, it is still gnawing away at its image. Of course, critics claim that the SEC singled out Ripple simply because it is a real company with a known address. But it’s not quite that simple. After all, the company, as well as its executives, are accused of conducting transactions with an “unauthorized” system that violates US law – and this was known beforehand.
Optimists, however, see the possibility of an out-of-court settlement – along the lines of EOS. Further, however, eyes are also on the Flare/Spark project, which is still expected to bring a market capitalization of around $30 billion in XRP to the DeFi division. So it remains interesting, even if just the fewest invest in Ripple, but rather wait and see how it develops further.
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