Whale Alert has a massive following on the social media platform Twitter. The account provides the crypto enthusiasts with chief crypto tracking alerts with accuracy. A new thread of tweets from @whale_alert points out the juxtaposition volume of Ripple Labs native token XRP. In only 24 hours, a whopping 72 million XRP tokens have been moved from one crypto exchange to another.
This dumping of XRP token took place in two major lumps. First, the EU-based crypto exchange Bitstamp shifted 11 million XRP to Binance and Huobi. The next dumping soon followed suit by the Kraken that shifted 20 million XRP to USA-based crypto exchange Uphold. The total amount of the recently shifted XRP tokens are valued at around $40 million at present.
Former Ripple Employee Hosting Tacostand to Sell Out Personal XRP holdings
The controversial cryptocurrency has been delisted and devalued exponentially in the aftermath of the SEC lawsuit. Jed McCaleb, former CTO and co-founder of Ripple Labs, is reportedly planning to sell out 222 million XRP tokens. McCaleb left the Ripple Labs in 2013. He has been getting massive gains in the form of XRP as a mode of compensation. McCaleb is currently associated with a new rival blockchain called Stellar (XLM).
Thus far, the XRP based compensations to McCaleb were being paid out in bits and pieces to make sure that he does not drive off the price through dumping. However, in the course of the past two weeks, McCaleb has marked his wallet as a ‘tacostand’ and opened up channels to cash in on his XRP holdings and convert them into fiat currency. According to crypto trackers, he has a stash of 383 million XRP tokens which he plans to keep moving.
The Swiss Based Crypto Exchange Calls Off the Ban on XRP
This has not been a good year for XRP. However, some relieving news comes from a Switzerland-based crypto exchange that has decided to list XRP again on its platform. In the aftermath of the SEC lawsuit, the XRP holders have been left with no choice but to submit petitions in court and campaign on social media platforms. The belligerent members of the XRP community started a similar campaign marked by #RelistXRP.
The hashtag manages to rank top in several counties and brought back good news with it. As the CEO of a Swiss-based crypto exchange platform announced on Twitter, Lykke will relist the controversial token as it can connect traditional finance practices and blockchain trading. It should be noted that Lykke does not cater to US-based clients. On the other hand, the volatility around this cryptocurrency has grown to a level that major players like Coinbase are highly unlikely to rescind their ban on XRP.