BearWhale Dumps 10 Million XRP Coins, Already 800 Million Pawned Off and 200 Million Remaining
Famous Ripple Account Bearwhale Has Sold 800 Million Of His 1 Billion XRPs in 2018
The XRP account which once had some 1.08 billion XRP, had only 340 Million XRP in March. an additional 100 million was sold up to April. Another 30 million was sold during the recent bottom in April, with 10 million XRP sold today.
When asked about how he gets the account’s data, the Redditor said:
“I simply tracked the sum of XRP balances on these accounts (they are not exchanging any IOUs on the XRPL anyway). The XRP are being moved, several million at a time, into a few accounts on Bitstamp and Bitfinex.”
There is no confirmation of who the owner of Bearwhale’s account is but then the first name to come to mind is Jed McCaleb, the founder of Ripple who had a fallout. He, however, has an agreement with Ripple, the company, to sell his holdings slowly, rather than as was done here with about half a billion XRP ($250 million) sold in three months up to March.
As today XRP declined to a year low, many are blaming this account for the 4% day-to-day loss. However, there may also be concerns regarding SEC’s determination of XRP’s status. The Securities and Exchanges Commission (SEC) has stated that bitcoin and ETH are not securities but has not yet clarified how they classify XRP.
SEC’s Director of Corporate Finance, William Hinman, said the level of decentralization is determinative of whether an asset is or is not a security. So, XRP is trying to become more decentralized by adding new node validators. However, even now, Ripple Labs currently runs 57% of the nodes with other entities running only 12 out of 21 XRP nodes.