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Ripple empties 4 billion XRP wallet to pay off debt with former founder

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Ripple Labs, the company behind the XRP cryptocurrency, has finally emptied a portfolio of 4 billion XRP tokens destined to pay off a debt owed to Jed McCaleb, one of its founders and former CTO.

The die, disclosed by researcher Leonidas Hadjiloizou earlier this month, shows that on the 1st Ripple made the last transaction of 174 million XRP for McCaleb’s “tacostand” portfolio.

In recent years, the entrepreneur received XRP amounts every month as part of an agreement signed during his troubled departure from the company in 2014.

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At the time, McCaleb agreed to receive 9 billion XRPs for his contributions to Ripple. Both parties agreed that the funds would be gradually transferred to the entrepreneur as a way to avoid a large token dump on the market.

XRP Dump

However, McCaleb doesn’t usually hold the coins in his wallet for long and makes periodic sales on XRPL DEX, the decentralized exchange integrated into Ripple’s network.

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According to public portfolio data, he sold between 4 and 9 million XRPs practically every day in August.

As of September, McCaleb has yet to make any sales and there are 709,911,618 XRPs left on the wallet, equivalent to $752 million at the current currency rate.

The community often tracks XRP dumps made by McCaleb, and the Jed Balance website tracks every XRP out of the wallet.

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According to the entrepreneur’s sales pattern over the past three months, the site estimates that all XRPs will be sold by January 26, 2022.

The number can vary depending on the period used as a metric, but everything indicates that by the beginning of next year McCaleb will be able to liquidate all the currencies in the market.

Ex-Ripple

A study produced by the tracker Whale Alert estimates that in 2020 alone the businessman sold 1.2 billion XRPs for a total of US$ 411 million.

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“Combined with the remaining 3.274 billion XRPs from the deal, the estimated total value of your XRP holdings and sales is about $1.2 billion (at the current price of $0.20 per XRP), making it one of the richest people in the crypto milieu,” says the report.

He appears on Forbes’ list of the richest entrepreneurs in the cryptocurrency industry, with a net worth of $2 billion.

The entrepreneur’s profits could be even higher since, since the end of last year, XRP has appreciated 345% and has managed to keep its price above US$ 1, even facing a complicated process with US regulators.

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McCaleb is a well-known figure in the field, having created Mt.Gox, one of the first exchanges in the market. When he left Ripple, the entrepreneur founded Stellar (XLM), a project he has been working on ever since.

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XRP price on edge of cliff as Ripple faces imminent collapse

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  • XRP price falls below key Ichimoku levels on the weekly chart.
  • Key oscillator divergence may hint at near-term support.
  • The threat of a 34% drop, however, remains likely.

XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.

XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions

XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.

The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.

Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.

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XRP/USDT Weekly Ichimoku Chart

There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.

Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.

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Ripple (XRP) Marketing Narratives No Drama Bells and Whistles

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Ripple XRP Marketing Narratives are not Impressing Long-Term Holders in terms of profits.

Worry Wort Investors who have been holding XRP are like:  It’s $0.9 from $1.96. what is the point of all the success story posts, partnerships, and projects.  XRP price is not going higher. Are you using distraction tactic? Investors have been waiting for several years for the price to go up.

There is no doubt that Ripple is a great project and they are successful in what they do in terms of cross-border payments.  Did they ever over promise that the price of XRP will go very high? Or, Are the community assuming that the company implied the price of XRP will sky rocket?

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Ripple Technology is great.  It is not a scam like many other projects out here.  It is doing a lot of good in terms of real-time use.

It just looks like not all cryptocurrencies or tokens are about profit making.  Some tokens are about facilitating use cases that are applicable real time.  Perhaps XRP is one such token with no drama, bells and whistles.

The kind of services delivered by Ripple requires some stability with the token they use as a mode of exchange. So, investors anticipating high profits need to rethink and know that high profits mean high risk and high volatility. This might not be true about XRP in terms of the kind of services it facilitates for Ripple.  May be the expectations of investors is not as realistic.

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Some Interesting Stories about Ripple:  Making an Impact with the Asian at Ripple Community:  In an effort to help Ripple employees bring their most genuine selves to the job, Dushyant Acharya took on a global co-lead role for our Asian ERG. Know more by reading the exhaustive story.

Careers and Jobs at Ripple:  This holiday weekend, while everyone else sleeps off their food coma watching the ‘big game’ why not browse open positions at Ripple? From engineering to finance to marketing, we’ve got a winning line up of roles.

Ripple’s Top Lawyer Says the SEC has declared war on Crypto:  The key to developing an effective policy framework for crypto? Clear communication and collaboration between private and public actors. There is a breakdown of the protocol details published.

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Citi CEO Fraser: ‘We’re Building the Infrastructure for Retail, Real-time Payments’:  Real-time payments are gaining momentum and digital currency is positioned to play a significant role in its future.

Creator Fund:  In collaboration with our agency partners, Mintable, MintNFT & VSA Partners, we’re helping creators and brand clients create and sell their NFTs. Explore to know more about the Ripple Creator Fund.

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40 Million XRP Moved to Binance Exchange and Sold Immediately

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Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers

While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.

According to transactional activity on the chain, an anonymous wallet ending in “kskkhi” has moved 40 million coins to a wallet owned by Binance centralized exchange.

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Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.

Ripple transaction data
Source: Bithomp

The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.

The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.

The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.

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At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.

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