Hello my fellow bloggers! Very strange things are happening in Ripple labs with escrow and Jeb McCaleb. What is happening? Let’s dive in and investigate!
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As SEC lawsuit is progressing, all XRP investors are watching Ripple labs and Jeb McCaleb closely. Things were quite for some time. Jeb was even selling less XRP per day - only 13 169 006 XRP per day. Yesterday everything changed with two unexpected events happening in a row.
The biggest XRP transfer to Jeb McCaleb
As you may know, Jeb McCaleb, a co-founder of Ripple labs receives huge amounts of XRP from the company in portions. Usually Jeb gets slightly more than 100m XRP at a time. On March 1 he received a record-breaking transfer of 627 974 493 XRP. Two previous transfers in February and January were also extremely large – 304m and 477m XRP.
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We all know Jeb sells millions of XRP daily. Seeing so many tokens sent at once is really disturbing. We know, that according to the agreement he can’t just dump everything at once and bring the price to 0. However, who knows what can happen because of the lawsuit. Another interesting thing is that an unknown user with nickname TheUnStellarMan is spamming tiny amounts of XRP to Jeb with the following memo:
Dump it !! Dump it all !!!
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Is this an investor that lost money in XRP? We know Jeb won’t listen to this (as he has signed an agreement), yet in combination with extra-large transaction this doesn’t seem good for XRP.
The smallest amount of XRP locked backed to escrow
If you don’t know what is XRP escrow system and how it works, you can read about it here. In short, every month Ripple labs receives 1 billion XRP from escrow account, where 55 billion of XRP were locked since 2017. Upon receiving another portion, Ripple labs used to lock most of it back to another escrow. On average, they used to lock 817,9 million XRP. This time the locked only 500m XRP!
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This is the smallest amount ever. What are they going to do with 500m XRP? Will they dump it on the market? Why they need that much money (~220m USD)? To pay SEC to settle down the lawsuit? This doesn’t looks good for XRP price, at least in a short turn. What do you think about these event? Let me know in the comments below!
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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