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- Jed McCaleb had sold around 1 billion XRP tokens, and many people felt that this action could contribute to the standard price of the XRP asset.
- The co-founder of Ripple had sold his 1 billion XRP, it does not make him a seller.
- Jed McCaleb had defended his moves and had said that the token sales are not at all significant.
Ripple’s XRP is one of the most popular Cryptocurrencies in the market. The price of XRP has been stunted for quite a long time in the market now. The stunted price of the digital asset has made many members of the community sore about the never-ending flow of the tokens.
There has also been some talk about the co-founder of the company, who is currently working as the Chief Technology Officer (CTO) at Stellar, Jed McCaleb.
Jed McCaleb had sold around 1 billion XRP tokens, and many people felt that this action could contribute to the standard price of the XRP asset.
Before Jed left Ripple in 2013, an estimate of around 20 billion XRP was shared among the founders of the company, with McCaleb wanting to sell off his share since the beginning. But, if he would have sold off his share back, then it would have disrupted the market share. He, therefore, had made a deal with Ripple.
The deal had stated that he could sell off his share gradually over a period of 7 years. The deal was supposed to end this year since it has been the 7th year. But there have been reports that this deal might have been extended to the year 2023.
Even though the co-founder of Ripple had sold his 1 billion XRP, it does not make him a seller. This is because Ripple itself has been releasing 1 billion XRP in the markets on a monthly basis.
Jed McCaleb had defended his moves and had said that the token sales are not at all significant when compared to what other whales have sold, and hence his sales essentially had no big negative impact on the market.
He also added,
This makes it interesting to see how it plays out in the end.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
