Price of Ripple Plummets as Co-Founder Plans 9 Billion XRP Selloff

Price of Ripple Plummets as Co-Founder Plans 9 Billion XRP Selloff

Ripple Labs co-founder Jed McCaleb has announced his intention to sell his sizable stake in the company's native digital currency. Known as ripples, or XRP, the currency was created as a unit of account and spam prevention tool within the Ripple Labs payment network. In a post on XRP Talk forum, entitled 'Selling my XRP', McCaleb made his intentions known: "I plan to start selling all of my remaining XRP beginning in two weeks. Because I have immense respect for the community members and want to be transparent, I'm publicly announcing this before I start." Price drop. In contrast to the....


Related News

Ripple To Hire 50 Engineers For Its New Crypto Hub In Canada

Ripple, a prominent provider of blockchain and cryptocurrency solutions, announced on Thursday the opening of a new office in Canada. In the face of the ongoing massive selloff and job cuts in the cryptocurrency market, the San Francisco-based crypto startup is still eyeing expansion, unfazed by the instability. Ripple plans to employ 50 engineers for […]

Major XRP Price Rebound Expected as Ripple Plans Relocation

XRP is giving signs of a significant price rebound as its backer, Ripple Labs, said that it plans to move out of the US. The San Francisco-based blockchain company iterated via its co-founder Chris Larsen that it may shift to a crypto-friendly country – the UK, Switzerland, Japan, or Singapore – because of America’s enforcement-focused […]

Ripple CEO Chris Larsen to Donate 7 billion XRP to the Underbanked

Photo by _Mo. Ripple Labs has weathered a difficult week that seemed like it could only get worse. The company's co-founder publicly announced he was liquidating his XRP holdings, which caused investor panic and caused the price of XRP to drop over 50%. Soon after, a prominent Ripple board member resigned from the company, leaving behind some strong words for the Ripple leadership team. The company responded by sending him a cease and desist letter, which he posted online alongside an emotionally charged response. It seemed as though Ripple Labs was headed for a messy legal battle, which....

Ripple Co-Founder Transfers 20 Million XRP, Sparking Selloff Fears And Wallet...

An XRP wallet which likely belongs to Chris Larsen, one of the largest holders of XRP, has made another notable transaction in what looks like a preparation for a selloff. The transaction, which took place within the last 48 hours, triggered a series of subsequent transfers in the past 24 hours, ultimately connecting with the […]

How Ripple’s Rumored Token Burn Could Affect The XRP Price

XRP has struggled to regain bullish price momentum this month, with the crypto going on six days of red candle close last week. The XRP community appears to be feeling the effects of this lack of momentum, as speculations have begun to circulate about a potential catalyst for the next XRP price surge. Related Reading: What To Expect This Month For XRP Price According To Historical Data Word on the street now is that Ripple plans to burn the 41.9 billion XRP tokens they have locked up in escrow. Although this hasn’t been confirmed yet, some say this move could send the value of XRP....