Is the XRP Price Impacted by Stellar Founder Deal?

0

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Ripple labs must be beating itself up over the legal agreement it made with co-founder Jed McCaleb when he left. The current Stellar Lumens CEO’s deal is possibly negatively impacting the performance of XRP, at this moment still the third-largest cryptocurrency.

In a strange way, the CEO of a rival crypto could in this manner influence the price of XRP, or is this a wrong assumption? Stellar Lumens, which was launched from a fork from the Ripple Labs protocol by developer Jed McCaleb, has been steadily climbing towards the top of the charts of CoinMarketCap and is ready to enter the top 10. In a dog eat dog situation, bad news for XRP could be good news for Stellar.

It was researcher Leonidas Hadjiloizou who made everyone aware of the deal that McCaleb and Ripple labs have engineered that could possibly impact the price of XRP at the moment.

Advertentie.

29.5 million XRP in day

In a long twitter thread, he stated on 6 December that:

After selling 9.9 million XRP per day for a week, Jed was able to sell 29.5 million XRP TODAY. This means that this week Jed will most probably sell a total of 207 million XRP!

Perhaps there is a flaw in Ripple’s deal with Jed, affecting price. While the radical increase in XRP volume occurred 10-14 days ago, this had an effect on Jed’s sales 1-2 weeks later. This means Jed is now selling way more than the current market can take.

Stellar Lumens CEO Jed McCaleb left Ripple labs with an astonishing 3.8 billion XRP coins and it indeed seems as if he’s increasing the sell rate as XRP has climbed to a 2020 high in these past few weeks as it readies itself for the Flare airdrop.