Although market regulators in the United States have yet to decide on the fate of XRP as a digital asset, the spot market is seeing positive momentum from community members.
Last week, XRP price rose 60% from $ 0.4079 to $ 0.6553 and the value of the digital asset was $ 0.6148 at the time of writing. This increase in price pushed it one place up on the CoinMarketCap list, with a market value of $ 27.8 billion.
Meanwhile, there are reports that Ripple co-founder Jed McCaleb may be ready to sell more XRP in the market.
According to XRP enthusiast Leonidas Hadjiloizou, the co-founder on Twitter will sell 38,345,406.53 XRP on a daily basis this week. Hadjiloizou said:
Jed will sell 38,345,406.53 XRP daily this week. This means about 166 million dollars at current prices in 1 week.
Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268M XRP or $166M at current prices in 1 week.
At this rate, his 2.896B XRP would run out by May.
At half that rate (19M per day) he would run out by mid-July.
At 10M per day by the end of the year. pic.twitter.com/ZxdmlXDvMR
— Leonidas Hadjiloizou (@LeoHadjiloizou) February 14, 2021
With the price currently remaining high in the market, the selling could cause the bearish scenario to break the positive momentum in the XRP market. Recently, on February 11, Jed McCaleb moved about 40 million XRP from his “tacostand” wallet. Users in the community are not happy to see the co-founder sell their XRP. However, according to the contract with Ripple, McCaleb has about 500 million XRP to sell.
McCaleb absent in SEC case
However, Hadjiloizou previously stated that McCaleb has stopped selling its XRP ever since the SEC began tracking the situation of XRP in the United States. Although McCaleb was a co-founder of Ripple, he was not involved in the current SEC case involving Brad Garlinghouse and Chris Larsen for the sale of unregistered securities.
If McCaleb continues to sell XRP in the market as predicted by the researcher, we can see prices drop. The XRP’s trading charts suggested that it did not have any real volume that could result from inorganic pump movements that had previously appeared in the market. Times may be getting harder for XRP as a digital asset. However, the community remains optimistic about the future.