Former Ripple Director Urges Company to Make New Acquisition

Former director of Ripple Sean McBride has published a post on the X social media network to suggest a move that Ripple Labs should make using the large funds it has in its possession.

Ripple should “invest, build, repeat”

McBride believes that it is now important for Ripple to “acquire another company” and spend on it some of the money it is sitting on. “Reinvest, build, repeat,” he tweeted an encouragement, addressing his former blockchain giant employer.

Ripple needs to acquire another company. Spend some of that money instead of sitting on it for no apparent reason. Reinvest, build, repeat.

— Sean McBride (@seanmcbride16) June 7, 2024

Earlier this year, McBride tweeted that “Ripple has tons of capital.” Recently, the San Francisco-based fintech behemoth secured several important new partnerships. One of them was in Japan, when Ripple announced a new tie-up with specialized blockchain consulting company Hashkey DX based in Tokyo, Japan.

The second partnership was inked by Ripple with a payments provider Clear Junction based in the U.K. The goal was to boost the efficiency and security of payouts in pounds sterling and the euro.

Ripple shovels 150 million XRP

On Friday, June 7, the Ripple behemoth was spotted transferring a massive 150 million XRP coins to an unregistered blockchain wallet. This data about the transfer worth $78,209,179 in fiat was shared with the cryptocurrency community by the popular crypto tracking service Whale Alert.

This staggering transfer raised eyebrows and made many XRP fans leave questions and guesses in their comments as to what is happening and what could be the reasons behind this sizeable XRP transaction. Some were wondering if Ripple began to sell some of its XRP holdings.

🚨 🚨 🚨 🚨 150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm

— Whale Alert (@whale_alert) June 7, 2024

Bithomp XRP explorer shows that the 150 million left Ripple’s -5x1o91m wallet and went to an anonymous address -63sKxv3. However, behind it stands Ripple, according to the same data source. Therefore, this massive XRP transfer could indeed signify a sale that the crypto decacorn intended to make.

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