It seems that everything is worse during bad times and a new Ripple movement has unleashed the wrath of the XRP Army… again
An alert issued by the Twitter account “Whale Alert,” revealed that on September 7, Ripple sent 100 Million XRP to Jed McCaleb, Founder of Stellar and former founding member of Ripple.
100,000,000 #XRP (26,322,440 USD) transferred from Ripple to Jed McCaleb wallet
— Whale Alert (@whale_alert) September 7, 2019
The XRP Army Isn’t Having It
The XRP Army was not quite happy about the news. Unlike years before, in the last few weeks, the members of this community began to rebel, expressing their rejection towards Ripple and its massive sales of XRP, blaming it for having an essential role in the bearish trend of the token.
XRP has never been the cryptoverse’s cup of tea. The rejection towards this digital currency is widespread, especially among purists and maximalists who see the token as everything contrary to the idea of what a cryptocurrency should be.
However, what is surprising is the level of repudiation within the community. The Famous XRP Army is known to be a very closed and united group — and an overly bullish one, shall we add.
The crack inside the XRP Army began to spread out when Crypto Bitlord initiated a change.org petition to stop Ripple from “dumping billions of XRP,” causing a crash in the market.
It’s worth noting that Ripple is the only cryptocurrency in the top 10 which is having a negative year-to-date performance in terms of price, which is perhaps also something that the community is struggling with.
It Will Keep Happening
Although Ripple consciously decides to dump its own XRP the truth is that this particular transfer is inevitable.
After Jed McCaleb left Ripple, the company signed an agreement in which they would periodically transfer XRP to a specific wallet owned by McCaleb for its contribution to the existence of the project.
But, fear not. The agreement also prevents McCaleb from just “dumping” XRP. Among the restrictions, the leader of Stellar (XLM) cannot sell:
- $10,000 per week during the first year
- $20,000 per week during the second, third and fourth years
- 750 million XRP per year for the fifth and sixth years
- 1 billion XRP per year for the seventh year
- 2 billion XRP per year after the seventh year
So, perhaps the XRP Army can be more confident about the way Stellar handles XRP than Ripple’s way of doing businesses
The post Ripple Sends 100 Million XRP to Stellar’s Jed McCaleb And The Community Isn’t Happy appeared first on Bitcoins Channel.