The owner of the account developed in the Ripple blockchain, once containing 1.08 billion XRP, this Tuesday liquidated another 10 million XRP for a total of about $5 million.
User of XRPChat forum under the nickname corak follows the dynamics of this account. He has drawn up a schedule, which reflected the changes in the balance since the beginning of the year.
“He has about 340 million XRP left. At the current tempo, the dump should be completed by the end of April,” corak wrote in March.
In fact, from March to April, only 100 million XRPs were sold, another 30 million were liquidated at the minimums in April and 10 million today, according to the latest observations of users.
“I’m just following the balance on this account. XRP are moved several million at a time to the accounts on the Bitstamp and Bitfinex exchanges,” wrote corak.
Many wonder who can own a large account, activated in November 2015. Naturally, the first suspicions fall on Jed McCaleb, the founder of Ripple, who left the company in 2013. However, McCaleb has an agreement with Ripple, according to which he must liquidate his assets gradually. The owner of this account for the first three months of this year sold about half a billion XRP.
Some believe that these operations caused a decrease in XRP over the past 24 hours by 4%, while bitcoin and Ethereum showed moderate growth.
As noted by Trustnodes, the negative pressure on the cryptocurrency can also have concerns about its status. The Securities and Exchange Commission (SEC) refused to recognize Bitcoin and Ethereum as securities, however, it did not make such statements about the developed cryptocurrency Ripple.
In a recent speech, William Hinman, Director of Corporate Finance at SEC, said that the decisive factor in classifying a digital asset as a security could be the degree of its decentralization.
Participants in the XRP ecosystem are trying to make their cryptocurrency more decentralized, adding new validator nodes to the blockchain system. Nevertheless, according to the tracker, Ripple Labs currently controls 57% of them.
It is worth noting that the SEC did not make any statements about its intention to deal with the status of XRP, which, however, does not eliminate the uncertainty in this matter.