It has been revealed that Ripple (XRP) Co-Founder Jed McCaleb has been dumping an average of 1.8 million Ripple (XRP) every day, totalling 54 million Ripple (XRP) worth $11.7 million dumped during the month of April alone. This is undoubtedly suppressing the Ripple (XRP) market.
Further, there are numerous days within the month where Ripple’s (XRP) global volume is below the amount that McCaleb dumps on average per day, showing that McCaleb’s selling activity is indeed significant.
As of February it is estimated that McCaleb still had 4.7 billion Ripple (XRP) in his wallets, worth almost $1 billion at current prices. McCaleb has agreed to dump this Ripple (XRP) ‘slowly’, i.e. he will only dump somewhere around half a million dollars of Ripple (XRP) per day. If so, McCaleb’s Ripple (XRP) dumping, which suppresses the entire global Ripple (XRP) market, will last for many years.
Additionally, this data flies in the face of Ripple Lab’s claim that they only dumped $1.75 million of Ripple (XRP) in Q1 2020. Although McCaleb is not part of Ripple Labs since he split off and started Stellar (XLM), this data proves that even if Ripple Labs doesn’t dump that much in a quarter, McCaleb is still dumping tens of millions of dollars of Ripple (XRP) per quarter.
Overall, between McCaleb’s daily dumps and Ripple Labs dumping hundreds of millions of dollars of Ripple (XRP) in a quarter whenever the Ripple (XRP) market gets bullish, it is clear that Ripple (XRP) is a toxic and centralized asset that should be absolutely avoided.