Ripple has been angering a lot of people lately, unlocking billions of XRP and selling it, leading to a crash in the price of XRP. People have created satirical petitions to stop Ripple from doing this, but it appears to have fallen on deaf ears. Another huge XRP dumper, former Ripple CTO Jed McCaleb, received an incredible 100,000,000 XRP over the weekend, with plans to sell every single last coin.
McCaleb Under the Cosh
Ever since McCaleb left Ripple back in 2013 and founded Stellar, McCaleb has been selling off massive troves of XRP, McCaleb promised to stop selling so much and causing the price to dump, but he broke the contract he signed with Ripple. In turn, Ripple began dispensing an allowance to McCaleb that he could sell whenever he wants. In the latest batch of XRP for McCaleb, Ripple sent XRP worth $26 million – more than enough to sink the price of XRP.
Ripple is Killing XRP’s Value
Every time Ripple unlocks a new batch of XRP from escrow and sends it to McCaleb, exchanges, or bank partners, it’s diluting the circulating supply. This in turn deflates the price of XRP and causes it to hover where it is, despite signing major deals with companies. Over the past few months, Ripple has signed deals with SAAB, Santander, and twelve other partners, yet the price of XRP fails to budge. Why? Because Ripple keeps dumping XRP left, right, and centre.
Same S***, Different Day
Ripple has promised to stop selling so much XRP to the world, but it just can’t help itself. At the end of the day, Ripple is a company, not a charity. This means that it has to sell an amount of XRP every month in order to pay bills and keep staff happy. Despite promising to sell less, Ripple still unlocked 1 billion XRP at the start of the month and has proceeded to sell most of it at an alarming rate.
For any XRP hodlers out there waiting for the price to reach $1,000, let’s hope you leave your private keys to your great-grandchildren. If Ripple keeps sending massive stacks of XRP to McCaleb and banks, we’re never going to see any upwards price moment – not to mention if Ripple dies out thanks to bank tokens.
