Ripple Sends 100 Million XRP Tokens to Jed McCaleb in Another Dumping Incident

UTC by Bhushan Akolkar · 2 min read
Ripple Sends 100 Million XRP Tokens to Jed McCaleb in Another Dumping Incident
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The community is worried about potential negative changes in XRP price after 100 million XRP was sent to Jeb McCaleb, one of the company’s co-founders, from Ripple Lab’s wallet address.

Ripple continues with its dumping spree despite threats received from the community members last week. In the latest, Ripple Lab’s wallet sent 100 million XRP tokens worth $26 million at the market rate to the company’s co-founder Jed McCaleb. Popular Twitter handle Whale Alert was the first to report about this transfer.

As CoinSpeaker covered last week, some of the community members had already expressed displeasure of the company’s habit of dumping. The community members believe that Ripple’s actions are hurting the price of XRP. XRP investor CryptoBitlord had even threatened to fork the XRP blockchain if needed.

Ripple XRP token sales that are repeated every quarter has harmed the XRP ecosystem, say its investors. Moreover, this is even apparent from the price crash that XRP has seen despite other tokens heading north. Ripple’s Chief Technology Officer (CTO) David Schwartz recently responded to a tweet asking Ripple to stay away from XRP dumping. In his reply, Schwartz said that the latest move will “massively disappoint” such users.

Jed McCaleb is currently the Chief Technology Officer (CTO) of Stellar Foundation. He was the previous CTO for Ripple Labs but left the company in 2013 after Ripple tried to stop him from dumping his XRP.

As Ripple has a reserve of over 55 billion XRP tokens, the XRP community has recently started a petition on asking the company to stop dumping them. So far, nearly 3557 supporters have signed the petition.

To calm down the matter, Ripple CEO Brad Garlinghouse is seen issuing statements providing an explanation of how XRP sales with help to boost the utility of the token. Garlinghouse said:

“XRP sales are about helping expand XRP’s utility — building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”

Besides, Garlinghouse has also assured that they have reduced the volume of sell. However, this argument doesn’t seem to have gone well with the community members so far. Twitter user Tony Valentino has urged XRP investors to ask the Ripple executives about when will they “bailout” XRP and not “Moon”.

Altcoin News, Cryptocurrency news, News, XRP News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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