Former Ripple co-founder has just transferred over 60 million XRP to his own wallet, 'flood discharge' is coming?

Ripple cofounder has sold 1 billion XRP and is still 4.7 billion waiting to

Jed MacCaleb - former Ripple co-founder, has just moved a large number of XRP to his own wallet, is the market about to witness a flood?

Huge transaction of former Ripple founder

Earlier this afternoon, Whale Alert warned a large amount of XRP was being implemented by McCaleb. More than 60 million XRP - equivalent to about 12 million USD, could be about to be sold.

The page also states that this is part of the payment between McCaleb and Ripple:

As Ripple's token recovers and the company announces a new listing project, XRP investors will have problems with the oversupply of XRP and Jed is the one who regularly releases them to the market.

The shark is familiar in the crypto world

McCaleb joined Ripple in 2014 and is the person behind the XRP token idea. He later left the company to start a business with Stellar. He also has a separate payment agreement with Ripple using XRP.

Whale Alert points out, the amount of Ripple paid to Jed is usually sold the next day without wiping. But according to the terms of the contract, McCaleb is only partially sold and must sell at a fair average market price.

According to the Whale Alert post:

“Compared to the total trading volume a day, the volume that you sell seems to be insignificant. For example, the first sale was on June 7, 2017, he sold a total of 2.5 million XRP for $ 741,000. The total trading volume that week on Bitstamp reached 127 million Ripple. But not necessarily a small percentage has not had a certain effect on the market. ”

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According to Coin68 / Bitcoinist
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