According to XRPscan, Jed McCaleb, the co-founder of Ripple Labs and its first chief technology officer, has started selling huge sums of XRP on the crypto market after suspending sales in September last year.
He has escalated his selling by around 140% in the last three days, and a crypto enthusiast expects he will be done selling altogether within a month. Jed currently owns over 250 million XRP in his “tacostand” wallet.
9 Million XRP Sold Everyday
According to statistics released by the XRPscan portal, Jed McCaleb resumed selling the last of his massive XRP hoard as the year began.
He has dumped over 464.8 million XRP since January, which is equivalent to $186,790,421 at today’s market rate.
The amount of XRP coins sold each week varies, ranging from 18 million to 26 million and 42 million. As Twitter user Rafael Ken Aguilar pointed out, he has boosted his selling volume by around 140 percent in the last three days, selling nearly nine million XRP every day, up from four to six million per day previously.
If the current selling rate holds, McCaleb expects he will be out of XRP in about a month.
Jed Still Holds 250 million XRP
According to XRPscan, Jed’s wallet, “tacostand,” still has 249,200,734 XRP in it. The XRP community developed a website to track McCaleb’s sales rate, which shows a somewhat higher figure: 257,858,264 tokens.
Hence, this is the last of the nine billion XRP granted to McCaleb by Ripple’s top management when he decided to move away from the firm a year after it was formed to start as a competitor to the blockchain Stellar.
Depending on how much XRP McCaleb sells per week, two probable dates for McCaleb to run out of XRP are listed here: July 14 and August 8.
According to CoinMarketCap, the sixth largest cryptocurrency, XRP, is trading at $0.404 as of this writing, down by 70.0% in the last 24 hours.