According to sources, the owner of an XRP account that once held 1.08 billion XRP today sold another 10 million units of the cryptocurrency worth about $5 million.
One of the experienced XRP users created a schedule of money transfers for an account that is now called “Ripple’s WhaleBear”. The graph shows the amount of XRP sold this year.
“WhaleBear has approximately 340 million XRP left. At the current rate, the dump should end by the end of April,” he said in March.
However, by the end of April, only 100 million had been sold. Another 30 million were sold during the recent price dip, and according to an update, another 10 million XRP were sold today.
"I'm just tracking the amount of XRP balance in individual accounts. The cryptocurrency is moving a few million at a time to a number of Bitstamp and Bitfinex accounts," said an XRP veteran on March 21.
There is a lot of speculation about who owns this account, which was created back in November 2015. Naturally, the first name that comes to mind is Jed McCaleb, the founder of Ripple, who had to leave the company. However, he has an agreement with Ripple that he must sell his assets slowly, and in this case, the user sold half a billion XRP ($250 million) in just three months.
Some believe that the owner of this account is to blame for the current 4% drop in the price of XRP, since other major cryptocurrencies like Bitcoin and Ethereum are rising slightly in value.
However, this is not the only problem for Ripple at the moment. The Securities and Exchange Commission (SEC) is still uncertain about the status of XRP. Previously, the SEC ruled that Bitcoin and Ethereum are not securities, but did not specify how XRP is now classified.
In recent statements, William Hinman, director of corporate finance at the SEC, said that the determining factor in whether an asset is considered a security is the level of decentralization.
XRP is committed to greater decentralization by adding new node validators. Despite this, Ripple Labs still owns 57% of them at the moment. Other businesses only own 9 XRP nodes, out of a total of 21.
There is no indication that the SEC plans to issue a ruling on XRP, but the lack of a clear classification could cause a lot of trouble.
According to https://www.trustnodes.com
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