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Tag: Jed McCaleb

  • Is Stellar Lumens (XLM) coin a good investment in 2021?

    Is Stellar Lumens (XLM) coin a good investment in 2021?

    Stellar Lumens (XLM) is on a downtrend as the whole crypto market continues to be bearish. Lumens has fallen from a 52-week high of $0.79 to $0.26. At the time of writing, XLM coin stands at a price level of $0.2609. The price has shown a minor upside move in the past twenty-four hours but the overall sentiment is bearish. The daily trading volume of the coin is also dropping.

    Stellar Lumens (XLM) technical analysis

    Despite the bearish momentum in the market, Stellar Lumens has been identified to be on an ascending wave count. XLM coin is operating in a bullish falling wedge formation and is approaching the end of the formation. An upward wave count has been initiated by the cryptocurrency – as per an analysis. If the analysis is validated, Stellar Lumens can be expected to reach out towards $0.60.

    Stellar Lumens (XLM) technical analysis
    Stellar Lumens (XLM) technical analysis

    Wallet investor’s predictions forecast that Lumens will be priced at a price level of $0.599 in one year while the 5-year forecast shows a price level of $1.855. Digital Coin Price is not as bullish on the cryptocurrency and forecasts a price level of $0.88 in 2025.

    Is Stellar Lumens a good investment? 

    Stellar Lumens acts as a bridge between digital currencies and fiat currencies. Stellar blockchain supports the digital version of fiat currencies with its own token lumens to run on the blockchain. The founder of Stellar Lumens is Jed McCaleb who also co-founded Ripple. It is a fork of Ripple but while Ripple serves major financial institutions, Stellar is more inclusive and targets under-developed areas and niches – which also makes it unique. Stellar’s aim is somewhat altruistic. Stellar Lumens has established a repute for itself and is considered to become an integral part of the digitized world.

    Cryptocurrencies are notoriously known for their riskiness which makes them so appealing to the masses. Lumens is one of the top cryptocurrencies, currently standing at the nineteenth position in terms of capitalization with good future prospects.

  • Another $420 million transferred to Ripple’s former CTO

    Another $420 million transferred to Ripple’s former CTO

    Ripple Labs has sent Ripple co-founder and former Chief Technology Officer Jed McCaleb 408 million XRP worth $420 million. This is another one of the monthly XRP payments that Ripple Labs have been making to the co-founder since September 2020.

    Jed McCaleb started selling his XRP immediately with 16 million tokens being sold already. The former CTO has established a pattern. He chooses a certain amount of XRP and continues to dump it every day, seven days a week. It is expected McCaleb will dump 16 million XRP every day for the whole week. Currently, Jed McCaleb has around 633 million XRP in his wallet. The holdings of McCaleb are expected to deplete by the end of August at the rate he is getting rid of it.

    The former CTO had left Ripple Labs amidst internet conflicts. After exiting the firm, McCaleb tried to dump all of his XRP holdings – which would have had a drastic impact on the cryptocurrency’s price. Ripple Labs was quick to stop the co-founder through a lawsuit. The current CTO David Schwartz had estimated McCaleb’s XRP holdings to be around one billion in 2018.

    Meanwhile, Ripple Labs is amidst a lawsuit with the United States Exchange Commission. The SEC has alleged that Ripple Labs has raised funds through the sale of XRP as an unregistered security. Ripple Labs refute the claims and both the parties have been engaged in a legal battle ever since. In a recent move, the counsel of Ripple Labs is seeking documents from 16 foreign offshore exchanges to prove that the executives Chris Larsen and Brad Garlinghouse have not violated the Securities Act.

    Ripple Labs has been actively deliveries blow to the SEC as the SEC’s motion to wave Ripple Lab’s attorney-client privilege was denied while Ripple labs was allowed access to the internal memos of the SEC to prove the SEC’s bias against XRP.