- Jed McCaleb, the co-founder of Ripple, has managed to sell 54 million XRP (roughly $11.7 million) in April.
- He said that he’s selling his tokens at a steady rate and doesn’t want to “negatively impact other companies in this industry.”
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.”
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.