Ripple and Jeb McCaleb continue to sell their XRP – selling pressure is increasing
The Ripple XRP Coin is a centralized cryptocurrency.
Ripple has increased its XRP sales again in the past few weeks. The company continues to hold around 55% of all XRP that are located directly with Ripple itself or in the various escrow wallets. Every month, 1 billion XRPs are transferred from the escrow wallet to Ripple, which are available to the company from the USA. A large part of this usually flows back into the escrow and is blocked for 55 months.
But the main developer continues to receive large amounts of XRP each month, which he sells directly on the market. The sum of all factors leads to strong selling pressure in the market and can push the price down.
On the other hand, important partners like Binance are on the program, who are transferring large amounts of XRP back to Ripple. It is said that Binance is integrating more and more services from Ripple and that this is why there are sometimes high XRP transactions between Ripple and the crypto exchange.
Ripple continues to sell OTC
The XRPL Monitor Tracker on Twitter has discovered several large XRP transactions in the past 24 hours. Ripple sent 10 million XRPs worth around 2.3 million USD to an anonymous wallet and during the same period Binance transferred 16,231,173 XRPs to Ripple.
In the past few months, Binance has made several gigantic transactions from XRP to Ripple. Binance recently integrated additional products in the XRP area. However, the goal of Binance’s XRP transfers to Ripple remains unclear.
Ripple’s transaction to an unknown wallet is likely a BitGo wallet. The company works mainly with institutional investors. It is therefore reasonable to assume that larger amounts of XRP will again flow to institutional investors. At what price and conditions the XRP will ultimately be sold remains unclear.
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The regular sales create lasting pressure on prices
At the same time, one of the main developers of the XRP ledger, Jed McCaleb, received his monthly payment to XRP. This is 5.7 million XRP for the equivalent of approximately 1.35 million USD. The developer and founder of Stellar (XLM) mostly sells these directly on the market.
So the sales don’t stop at Ripple. This is no wonder, because Ripple generates most of its sales through its own XRP, which they usually sell OTC (over-the-counter). Although the criticism from the community regarding these sales has been quite high in recent years, that didn’t stop Ripple from continuing to flush their XRP onto the market.
We are curious how long the investors of XRP will endure the sales of Ripple. Because Ripple still holds so many XRPs that sales will continue for several decades. As always, we will keep you updated.