Ripple co-founder has sold 54M XRP in April

Jed McCaleb, the co-founder of Ripple and Stellar, has sold over 54 million XRP in April, according to his wallet activity. A report by TheCryptoAssociate (based on data from McCaleb’s known addresses) shows that he is liquidating his supply of tokens regularly. The data indicates that the wallet address supposedly used by McCaleb to sell XRP received around 1.8 million tokens daily in April, totaling 54,215,405 XRP (roughly $11.7 million). 

In 2012, McCaleb co-founded OpenCoin, which later became Ripple. He received 5 billion XRP when the 100 billion supply was pre-mined. The huge amount of XRP stirred some controversy when he announced his intention to sell his share of the tokens, causing the price to drop by 40% within 24 hours. Later, he negotiated a seven-year agreement with Ripple that limited his monthly and annual sales of the token.

According to an earlier Cointelegraph report, McCaleb owned around 4.7 billion XRP in February 2020. Responding to concerns regarding how his behavior might impact the XRP price, he said that he has been selling his tokens “at a slow, steady rate” and does not want to “negatively impact other companies in this industry.”