- Jed McCaleb, the co-founder of Ripple, has reportedly sold over $175 Million worth of XRP tokens.
- The possession of such resources relates to the period when McCaleb awarded with 9 Billion XRP.
- McCaleb mentioned that his sale doesn’t seem to have caused a significant impact on the price levels of XRP.
The entrepreneur off-loaded over $26 Million worth of XRP in the 1st Quarter of 2020. An amount accounted to be the largest as compared to the last five quarters. The highest sale ever made was in the 4th Quarter of 2018, when around $36 Million worth of XRP sold. On an analysis with the sale rate of the parent company, Ripple sold only $1.75 Million worth of token in the 1st quarter of 2020 when compared to its sales in the 4th quarter of 2019 where around $13.08 Million worth of the tokens sold-out.
A control agreement
McCaleb selling his XRP token from 2016 in small lots, a condition that was agreed to be followed with the parent company. Such an agreement prohibited McCaleb to sell the entire lot of 9 Billion XRP’s in a single go to avoid having a significantly negative impact on its price. Though a previous agreement in 2014 restricted him to sell the tokens in small amounts, the same was amended in 2016, when McCaleb was allowed to sell the digital asset on a daily-volume basis. As a result, McCaleb is off-loading his tokens at a steady rate. For instance, the Co-Founder of Ripple has been selling 2.1 Million XRP’s every day.
XRP Co-Founder’s Comments
On a side note, McCaleb has mentioned many times that his sale doesn’t seem to have caused a significant impact on the price levels of the altcoin.
Information relating to the term of such a sale agreement and the number of tokens the entrepreneur still holds is uncertain.
XRP is currently the third-largest cryptocurrency by market capitalization, which stands at over an aggregate of $9.53 Billion. One ripple token presently priced at around $0.21.