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Ripple’s Jed McCaleb sold 108.3 million XRP over the past week

Cryptopolitan


TL;DR Breakdown:

  • Jed McCaleb sold about 108 million XRP last week.
  • He still holds billions of XRP, which might all be dumped this year.

The former chief technology officer at Ripple, Jed McCaleb, is still actively selling-off his XRP cryptocurrency holdings. As detected by XRPscan, McCaleb has been selling millions of XRP cryptocurrency over the past seven days, which summed to over 108 million XRP. He left the blockchain payment company Ripple to co-founder another blockchain network, Stellar. It’s said that McCaleb owns billions of XRP, which he might all dump this year.

Jed McCaleb still dumping XRP

Following the transaction record on XRPscan, Jed McCaleb dumped a total of 108.3 million XRP from “tacostand” wallet over the past week. This was completed in about seven different transactions, all of which had not less than $13 million XRP.  When compared with the current price of XRP at $0.4698 on Coinmarketcap, the former Ripple CTO cashed out about $50 million.

It’s estimated that Jed McCaleb still owns billions of XRP cryptocurrency, which he might all sell-off this year. Due to the role he played in building Ripple, Jed McCaleb was entitled to compensation with XRP after he left the development team in 2013 because of in-house disagreements. The funds are sent in batches to prevent McCaleb from dumping the whole coins, which might affect the market performance of XRP.

About 28 million XRP dumped

Following the announcement of the US charges against Ripple, McCaleb was spotted selling about 28.6 million XRP (about $13 million in today’s price) in January, as Cryptopolitan reported. For some time, XRP has been trading within the $0.4 price range, as the blockchain company continues to battle with the SEC over the alleged sale of XRP as an unregistered security.



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