Alert: Ripple moves 100 million XRP into Jed McCaleb’s account

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Whale Alert reported that Ripple transferred 100 million XRP into company’s former CTO, Jed McCaleb’s account. This transaction has left the crypto community speculating. Many are afraid that this might be another time that huge amount of XRP is sold off in the market, causing its price to retract further.

Last month CEO of Ripple Brad Garlinghouse justified the company’s actions and cleared some rumors surrounding the XRP. This time CTO of the company, David Schwartz in reply to a tweet criticizing Ripple and advising it to stay from the XRP, said that “I am afraid we are going to disappoint you massively.”

Crypto community has been very critical of Ripple’s actions against XRP. The company regularly dumps a huge amount of XRP into the market, causing the price of the cryptocurrency to fall. However last month CEO Brad Garlinghouse said that the sales are only there to increase the utility of the cryptocurrency and over they have decreased the sale of XRP many times.

Unlike bitcoin and other cryptocurrencies, XRP is pre-mined, and Ripple owns the majority of it, which has caused many to believe that Ripple is deliberately exploiting the cryptocurrency for its benefits.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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