Ripple’s XRP Rises Again despite Jed McCaleb Selling

The price of XRP once again grew faster compared to other altcoins, surviving the news of accelerated selling by Jed McCaleb, one of Ripple’s co-founders. McCaleb parted company with the project a few years ago to build Stellar (XLM), an open-source alternative to Ripple.

According to a Wall Street Journal report, McCaleb had accelerated his placements of XRP. He told the publication he was still within the selling limits pre-agreed with Ripple, which oblige him to sell carefully and take heed of daily volumes.

The terms for McCaleb’s sales of XRP were settled during a lawsuit in 2016. He initially had the right to sell 0.5% of daily volumes in XRP, the proportion rising to 0.75% in the second year, 1% in the third year, and 1.5% afterward. The amounts are in no way enough to significantly sway markets, but the news of selling may affect sentiment.

However, XRP trading also accelerated in the past days, making it possible for McCaleb to place more of his 5 billion XRP wallet.

The price of XRP is currently at a crossroads, attempting a bounce after a few days of selling. It climbed on Tuesday morning, started to rise from lows of around $0.45 at midnight UTC on September 26 and adding 17.25% in 24 hours to go above $0.53. However, it remains below the $0.76 peak reached on September 21.

https://twitter.com/galaxybtc/status/1044526871122259969

XRP trading volumes are a bit lower from the peak around September 21, amounting to about $1.7 billion in 24 hours.

Unfortunately, the chances of XRP being listed on Coinbase remain vague, and other assets may be added way before it becomes available to US-based buyers. At the moment, XRP relies on Asian exchanges for its volume, with speculative trading conducted on Binance, Upbit, and Japanese exchange Bitbank. The Korean won supports XRP with 16% of volumes, and US dollar trading accounts for about 18% of volumes, as per Cryptocompare data.

Ripple supporters see XRP as a bullish story due to the potential for scalability. According to the official website, XRP can handle up to 1,500 transactions per second. Based on Bitinfo charts, the asset sees as much as 857,895 transactions per day although there are fewer than 200,000 transactions on slow days. Still, XRP easily competes with Ethereum and even Bitcoin in terms of daily transactions.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research