Ranked sixth with a market capitalization of $ 25.4 billion, XRP seems to be struggling to regain its status as a ‘top 5 crypto’.
Worse, it may be difficult for XRP to outperform Polkadot which has a market capitalization of $ 25.82 billion if former CTO and Ripple founder Jed McCaleb sell all of his XRPs.
McCaleb left Ripple a few years ago before starting Stellar (XLM). The individual is reported to have nearly 3 billion XRP tokens.
Cryptocurrency analyst Leonidas Hadjiloizou on Saturday posted a tweet on Twitter, revealing McCaleb is likely to sell all of his assets either later this year or as soon as May.
In fact, the analyst also expects McCaleb to sell more than 38 million XRP tokens daily starting this week, bringing the total to $ 166 million.
Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268M XRP or $ 166M at current prices in 1 week.
At this rate, his 2.896B XRP would run out by May.
At half that rate (19M per day) he would run out by mid-July.
At 10M per day by the end of the year. pic.twitter.com/ZxdmlXDvMR
- Leonidas Hadjiloizou (@LeoHadjiloizou) February 14, 2021
However, if according to the price at the time of writing, 1 XRP = $ 0.56, this will bring the total to $ 148.9 million.
XRP prices are seen to recover more than 200% following the Securities and Exchange Commission (SEC) 's allegations against Ripple Labs last December, causing many exchanges to start listing altcoins.
If Hadjiloizou's expectations really came true, the token's performance would simply disappear. In fact, market capitalization may also decline sharply, as the issue of unresolved lawsuits with unforeseen incidents, could lead to XRP being removed from the list of top 10 cryptocurrencies.
