September 10, 2021, | AtoZ Markets – Ripple (XRP) has lost 3.08% in the last twenty-four hours, droping from $1.23 to $1.09 as the cryptocurrency market tries to heal the wounds of the sharp losses that took place on Tuesday .
Although the Ripple price is not as affected by the recent hearings in the SEC case as before, some crypto experts state that the case continues to suppress the XRP price.
Jed McCaleb stops selling XRP for a while
Analysts following Ripple think that in addition to the SEC lawsuit, the compensation paid to former company partner and CEO of another well-established cryptocurrency, Stellar (XLM), Jed McCaleb, also suppressed the price of XRP. McCaleb has been selling these compensations, which he received in installments, for a long time.
The total amount of XRP that Ripple company will pay to the CEO of Stellar is 9 billion. Ripple, which has paid the majority of this amount to date, continues to pay McCaleb regularly at the beginning of each month.
According to a chart published by XRPscan, McCaleb has yet to sell since the beginning of the month, although Ripple sent 174,862,720 XRP to its former partner earlier this month. According to the agreement reached between the two parties, it is stated that McCaleb has to sell XRP every day. The successful software developer, who last received payment on September 1, sold 8.489 million XRP on August 31.
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McCaleb sold $43.5M XRP in 5 days
According to XRPscan data, Stellar CEO, who last sold XRP on August 31, made five consecutive days of sales before this payment. The sum of McCaleb's sales in five days exceeds 43 million XRP. Members of the Ripple community provide detailed charts with a website reviewing McCaleb's accounts.
Stellar CEO sells an average of 5 million XRP daily. There are currently 709,911,617 XRPs in the account, which will expire in about 5 months. However, sales must continue for the account to be reset. According to the agreement between the two parties, it is still a mystery why the sales that should take place every day have stopped.
Ripple has decided to pay the 9 billion compensation in installments to balance its XRP sales in case the market is manipulated in its agreement. For the same reason, the former partner can't make the sales all at once.
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