Jed McCaleb Dumps 100 Million XRP In Past Week, Receiving 365 Million from Ripple

Jed McCaleb Dumps 100 Million XRP In Past Week, Receiving 365 Million from Ripple
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Yuri Molchan

Data from XRPscan has it that in the past eight days Jed McCaleb has shifted slightly over 100 million XRP, some expect that his XRP holdings are to run out this year

According to the XRPscan platform, since April 4, Jed McCaleb, the person who helped found Ripple Labs and was its first chief technology officer, has released 100.8 million XRP.

On April 6, McCaleb received a whopping 364,768,757 XRP from Ripple, as per the data from XRPscan.

At the present exchange rate of XRP, this constitutes a staggering $139,151,938.

Jed McCaleb keeps selling the rest of his XRP riches

Ripple’s cofounder and its first CTO has made nine transactions, carrying a total of 100.8 million XRP from his “tacostand” digital wallet.

Each of them bore either 12 million or 8.4 million XRP tokens. Today’s transaction was worth 8.4 million XRP.

Prior to the transfer on April 4, Jed had taken a month-long break in releasing XRP – the date of the previous sale was March 4, when 9,713,398.410000 XRP was withdrawn.

Image via XRPscan

When Jed McCaleb left Ripple Labs (which started as OpenCoin a year earlier), he got a compensation of 9 billion XRP coins for cofounding the entity and his help as an CTO.

The settlement agreement prevented him from selling all the 9 billion coins at once to prevent the price collapse to zero.

So Jed started large XRP sales only in 2018 – approximately 6 million XRP, while the rare largest amount he sold prior to that was 3 million coins.

On 6 December 2020, McCaleb dumped as much as 29.5 million XRP.

Researcher expects XRP sales to rise

Researcher Leonidas Hadjiloizou has tweeted that this week McCaleb allegedly plans to sell 8.4 million XRP daily. As of April 18, Jed is likely to increase sales to as much as more than 40 million XRP per day.

At the current pace, McCaleb may run out of XRP by August this year, according to the website related to McCaleb’s XRP sales.

However, if he increases the amount of dumped XRP to 40+ million, his XRP stash may finish earlier than that.

Image via Twitter

editorial staff