SAN FRANCISCO / LONDON (IT BOLTWISE) – The cryptocurrency XRP is experiencing turbulent times after a Ripple co-founder, Jed McCaleb, sold large amounts of his XRP holdings. These sales have had a significant impact on XRP’s market value, which has fallen by $9 billion in the last few days.
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The cryptocurrency XRP, developed by Ripple, is currently the center of attention. Over the past few days, Ripple co-founder Jed McCaleb has sold a significant amount of his XRP holdings, causing a significant drop in its market value. The price of XRP fell by more than 18 percent and is currently trading at around 46 cents, having previously risen to 69 cents.
McCaleb, who is also co-founder of Stellar, has sold over 500,000 XRP daily in the past few days. These sales are part of an agreement with Ripple that allows it to sell its holdings under certain conditions. Despite the large volume of sales, XRP’s average daily trading volume has barely changed, suggesting that the market has absorbed the sales.
McCaleb’s sales come as Ripple looks to integrate XRP into new use cases. The company plans to launch xRapid, a solution to accelerate banking transactions using cryptocurrencies. These developments could have a long-term positive impact on XRP adoption, even if the recent price decline has shaken investor confidence.
Competition between Ripple and Stellar, the two companies co-founded by McCaleb, is another factor influencing the dynamics of the cryptocurrency market. Stellar recently acquired blockchain startup Chain and plans to break new ground in international payments with the newly created entity Interstellar. These developments could further intensify competition between the two platforms.
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