James Atkins
Editor
Editor
Over the previous two weeks, Ripple co-founder Jed McCaleb reportedly sold around 70 million XRP. According to data from XRPscan.
McCaleb, Ripple’s former chief technology officer, has been gradually selling his XRP since he left the company in 2014. He agreed to a schedule with Ripple that caps his daily sales at 500,000 XRP.
It’s not clear why McCaleb increased his sales over the past two weeks.
The “tacostand” wallet sold 69.11 million XRP, with more than 20 million of those units entering the market in the previous six days; according to the data. Overall, selling began on May 24, when the XRP price fell for some reason.
The Ripple co-founder’s sales have been a source of concern for the XRP community for some time. In December, he sold 2.5 billion XRP, which was worth around $600 million at the time.
McCaleb is not the only Ripple executive to have sold large amounts of XRP. In 2017, Ripple CEO Brad Garlinghouse sold $50 million in XRP.
He has sold more than 5 billion of the nine billion XRP he received as a Ripple co-founder. Meanwhile, there is a balance of almost 183 million XRP in the tacostand wallet address.
The founder and ex-Ripple CTO still has more than 3 billion XRP in holdings given to him by Ripple regularly.
The sales have caused the price of XRP to drop each time, as investors worry about the potential supply glut.
Some have even called for Ripple to be more transparent about McCaleb’s sales. So that the community can better prepare for the potential impact on the price.
On Monday, Ripple’s XRP price was around $0.39, roughly 6% higher in the last two weeks. On May 31, the XRP/USD pair rose to a high of over $0.42 before retreating as the cryptocurrency market tumbled. In the last 24 hours, Ripple has increased by about 2%.
At the time of writing, XRP is changing hands at $0.39 and is down nearly 3% on a 24-hour adjusted timeframe. The Ripple-affiliated cryptocurrency has a market capitalization of $17.31 billion.
It’s worth noting that Ripple owns about 60% of the total supply of XRP. This means that it can control the price to some extent by selling or buying XRP in the market.
It’s expected that a Ripple victory against the US Securities and Exchange Commission (SEC) will result in higher prices. However, XRP is still down by 88% from its all-time high of $3.40 reached on January 7, 2018.
Ripple co-founder Jed McCaleb is known to have sold large amounts of XRP in the past, and according to recent data, he has continued doing so.
McCaleb, who now works on Stellar development, has been gradually selling his XRP stash since he left Ripple in 2014. He has an agreement with Ripple that allows him to sell up to 1 billion XRP per month.
Jed is the co-founder of Stellar (XLM) cryptocurrency, a Ripple competitor in the cross-border payments industry. He previously ran Mt. Gox, a Bitcoin exchange that shut down due to a massive hack in 2014.
Since McCaleb’s Ripple holdings are public, his XRP sales are closely watched by the cryptocurrency community. Some believe that his sales have been a key factor in XRP’s price decline in recent months.
McCaleb’s recent sales have come as Ripple is facing increased regulatory scrutiny. Earlier this month, the U.S. Securities and Exchange Commission (SEC) charged Ripple with illegally selling unregistered securities.
Forbes magazine currently classifies McCaleb as the 1414th wealthiest individual on the planet. With a net worth of more than $2.2 billion (as of June 6, 2022)
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