Ripple’s XRP is showing downward momentum again after just a day after recovering around 37% yesterday. Cryptocurrency The unit is down nearly 20% from its peak of $ 0.37 on December 24, following news that one of the largest cryptocurrency exchanges will suspend XRP and deposit trading for US clients on Friday, December 25. In Bitstamp’s official announcement, it was reported that XRP trading and deposits for US users were halted after the lawsuit that XRP may be safe.
Additionally, researcher Leonidas Hadjilloiseau believes Ripple co-founder (and former chief technology officer) Jed McCaleb has stopped selling XRP shares. The researcher said the reason for this was the announcement by the regulatory body on December 21. rippleIt is believed that there may be a case against the SEC.
For those who don’t know, the company’s former chief technology officer regularly gets his share of Ripple because it helps identify (9 billion tokens). You buy this with regular payments and then sell several million XRPs in one go. According to the settlement agreement he signed upon leaving Ripple in 2013, he could not release 9 billion XRPs all at once. So McCallb does it slowly.
On December 9, it received a massive boost of 266305309 XRP. On December 23, he received another massive XRP package from Ripple for the value of 133,152.654 XRP. According to Bithomb’s data, the latest XRP sale made by McCallb from the “tacostand” wallet occurred on December 23rd. Leonidas Hadjelweizo shared this fact and said that the former chief technology officer has stopped selling cryptocurrencies.
The cryptocurrency community feels Macalb worried after the SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen. Maclib is also a co-founder of Ripple and sells XRP, just like Larsen and Garlinghouse. On the other hand, Larsen and Garlinghouse are accused of selling illegal securities.
Leonidas Hadjiloiso also touched on the upcoming important ripple event in a different post on Twitter. Hadjeloiso spoke of the possibility of releasing 1 billion XRP into custody by Ripple on January 1. In light of Ripple’s ongoing legal actions, one wonders if this huge sum will alter its opening plans.