Well-known Twitter account Whale Alert once again highlighted the big movements of the XRP coin. Specifically, it was a move from the wallet of an unknown owner to the Bitstamp Exchange. Few (crypto speculators or HODL-er) would hold their cryptocurrencies on the exchange market. Some foreign newspapers and analysts began to speculate on the possibility of coming manipulation with altcoin XRP. Alternatively, there may also be a big sale by an unknown speculator.
Large movements of coins, whether on or off crypto exchanges, are not uncommon. Regularly several times a month, large players convert their cryptocurrencies to sell for profit. This was a relatively high amount of 31 million XRP coins, which is less than $ 9 million. If all the coins ended up on sale on the exchange, the XRP could go down rapidly.
On this XRP wallet, we may have seen larger transfers in the past. Even some analysts suspect that the owner of this wallet was behind several big sales. In the last 2 years only, similar movements have occurred 10 times on the same XRP wallet. Could it be someone from Ripple’s development team?
McCaleb also sold XRP
Jed McCaleb is a co-founder of Ripple, behind XRP. This person played an important role in the development of the XRP coin. After several months, he decided to leave Ripple and set up his own altcoin XLM (Stellar). In return for his work for Ripple, he received 9.5 billion XRP coins, which he allegedly sold over time. Chris Larsen is another person who has enough XRP coins and we can speculate about him as a potential owner of these 31 million XRP coins.
Of course, this is only speculation. Who really is behind this coin transfer nobody knows yet. But why should Ripple owners sell their coins? Earlier this year, Ripple’s CEO said they didn’t have the resources to further develop the project and would have to sell. That is why there is increasing concern that more and more XRP coins owned by the founders of Ripple will be targeting large exchanges in large volumes.