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 Ripple (XRP): an unknown "crypto-kit" collapsed a token by selling 10 million XRP


The Ripple Crypt Currency (XRP) has fallen sharply in recent days, falling below $0.40 to mid-December levels. In less than two days, XRP has already lost 15% and this does not seem to be the limit.


The unknown owner of the account, which since November 2015 stored 1.08 billion tokens of Ripple network, has liquidated another 10 million XRP for a total of about $4 million.


A user of XRPChat forum under the nickname corak watches the dynamics of this account. He drew up a schedule reflecting changes in the balance since the beginning of the year, - writes forklog.


In total, from March to April the owner of this account sold 100 million XRP, another 30 million was liquidated at the lows in April, and 10 million on Tuesday. "XRP is moving several million at a time on accounts at the Bitstamp and Bitfinex exchanges," corak said.


Most likely, it was the sale of an additional 10 million XRP that accelerated the decline of XRP in recent days.


Many guess who may own a large account, activated in November 2015. Naturally, the first suspicions fall on Jed McCaleb, founder of Ripple, who left the company in 2013.


However, McCaleb has an agreement with Ripple under which he must liquidate his assets gradually. The owner of the same account for the first quarter of this year sold about half a billion XRP for a total of $250 million.


Negative pressure on the crypt currency may also be exerted by fears about its status. The U.S. Securities and Exchange Commission (SEC) has refused to recognize Bitcoin and Ethereum as securities, but it has not made such claims about Ripple (XRP)," ttrcoin notes.


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In a recent speech, SEC's director of corporate finance, William Hinman, said the degree to which a digital asset is decentralized may be a determining factor in classifying it as a security.


Ripple is trying to make its cryptovalue more decentralized by adding new validation nodes to the blockchain. Nevertheless, according to the tracker, Ripple Labs currently controls 57% of the validators.


It should be noted that the SEC has not made any statements about its intention to review the status of XRP, which, however, does not eliminate the uncertainty in this matter.

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