September 30, 2022

Former Ripple CTO Dumps 28.6 Million XRP For The First Time Post SEC Lawsuit

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Ripple-XRP South Korea

Jed McCaleb, former CTO of Ripple discarded another 28.6 million XRP for the very first time since SEC submitted a claim versus Ripple and 2 of its executives. McCaleb’s settlement deal with Ripple back in 2013 provided him 9 billion XRP in batches to avoid him discarding his entire part of settlement tokens on the marketplace. The previous CTO is popular to dump a portion of his XRP stash from time to time. Nevertheless, the long time out of 25 days in between his last 2 dumps is being viewed as an outcome of the lawsuit.

Leonidas Hadjiloizou, a crypto data expert revealed that McCaleb sold $8.8 million worth of XRP token on January 18 for $0.30 each.

The expert reminded that it was not the first circumstances when the previous CTO has actually taken such an abrupt break, however on previous occasions the main reason for the break was his charity, the break enabled the charity he contributed to offer the XRP. He described,

Jed had paused his sales in the past, to enable a charity he had donated XRP to offer. This time, however, he paused his sales right after the lawsuit. There is no way to understand why he resumed. He could have awaited some guidance from his legal representatives or a million other factors.

XRP increases by 10% on a Green Day as Delisting Woes Continues

XRP was trading at $0.304 at press time and has actually increased by more than 10% over the previous 24 hours in the wake of the altcoin rise. Although XRP has actually managed to recuperate above $0.30 post the lawsuit followed by a delisting spree mostly by the US-based crypto platforms, the crypto token lost its long-held third position to Tether and then Polkadot overtook it for the 4th area.

Source: TradingView While the future of XRP in the US looks grim a minimum of until the suit finalizes, the token would be looking at its market outside the United States particularly the Asia Pacific region for survival.

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