XRP Price Continues to Drop as Former Co-Founder’s Selloff Accelerates
Cryptocurrency entrepreneur and Stellar co-founder Jed McCaleb has reportedly sold lots of his XRP’s which estimated to be around billion dollars, as XRP price continues to slump by more than 17 percent.
After making a fantastic mini bull run earlier last week, Ripple price was up to 0.6 dollars but after latest news, the coin’s price surged back towards to $0.45 zone.
McCaleb was one of the Ripple’s co-founders but after a series of disagreements between him and Ripple board, the former decided to part ways and formed Stellar, a rival company to Ripple.
McCaleb left Ripple more than four years ago and some reports claim that he has nearly a billion dollar worth XRP at his disposal.
Wall Street Journal trying to contact with McCaleb as the Stellar co-founder quoted with saying:
I am selling my tokens as we discussed with Ripple. No more than that. Also, I don’t want to comment and speculate it further. This is the first and last words you’ll hear from me.
Meanwhile, Ripple officials declined to comment on the situation as they indicated they are unaware of any potential selloffs from Jed McCaleb. After all these sagas, the argument for Ripple being centralized is well and truly back on the agenda, as many people on Twitter and Reddit claim this is the destiny for all XRP holders.
Ripple company made it aware that they have the majority of the XRP, and the investors think the people should avoid XRP because of that.
Also, many people arguing that this is a perfectly normal situation for all parties involved as McCaleb selling his tokens as it was agreed with Ripple four years ago. They argue this news has been leaked intentionally to hurt Ripple’s process as they reaffirmed their belief that Ripple will reach the figures once again just like December and January last year.