In a statement that has brought the company to its knees, Ripple founder Jed McCaleb announced yesterday that he’ll be unloading all of his pre-mined XRP holdings, which could be close to 9 billion, starting in just two weeks.
I plan to start selling all of my remaining XRP beginning in two weeks. Because I have immense respect for the community members and want to be transparent, I’m publicly announcing this before I start.
As a result, the market capitalization of Ripple’s currency unit (XRP) has plummeted by more than 40% over the past 24 hours. At last check, the currency unit was trading at $0.003949, with a total market capitalization of $30,876,019, according to coinmarketcap.com.
Ripple is a little-understood payment system, currency exchange and remittance network owned by Ripple Labs. It was built upon a distributed, open source internet protocol, consensus ledger and native currency called ripples (XRP). It remains largely untrusted by much of the cryptocurrency community because the company is centralized and the XRP unit was completely pre-mined.
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