Jed McCaleb dumps 240 Million XRP tokens in May

  • Ripple co-founder Jed McCaleb sold a little over 240 million XRP tokens last month, according to XRPScan, and still retains over 431 million XRP in his “taco stand” wallet
  • Late last month, Ripple, the largest holder of XRP, reiterated its goal of becoming carbon-neutral by 2030
  • According to the SEC, Ripple and two of its officials are accused of generating more than $1.3 billion in an unregistered, continuing digital asset securities offering

According to statistics from XRPScan, Ripple co-founder Jed McCaleb has sold a little over 240 million XRP tokens this month and still owns over 431 million XRP in his “taco stand” wallet. McCaleb is believed to have begun working on Ripple in 2011 and was a member of the company’s founding team when it launched in 2013. He left it in 2014 to work on Stellar (XLM), although he was rewarded with 8 billion XRP tokens for his part in inventing and establishing OpenCoin, which was eventually rebranded to Ripple. 

The entrepreneur receives the cash on a regular basis and has stated on XRP Talk, a forum for XRP investors and supporters, that he intends to sell the funds he receives after donating a portion of them to a charity such as Give Directly, Literacy Bridge, and others.

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He has been selling XRP on a regular basis since then. At press time, McCaleb had sold 240 million XRP tokens, valued at about $148 million. Each XRP coin is now selling at around $0.618. The cryptocurrency has fallen substantially from it’s all-time high of over $3 in early 2018 and it is high of over $2 this year. Recent concerns about bitcoin’s carbon footprint have affected the price of XRP, as some investors have switched to more energy-efficient cryptocurrencies. 

According to CryptoGlobe, Ripple, the largest holder of XRP, restated its aim to be carbon-neutral by 2030 late last month. It’s worth noting that McCaleb’s huge XRP sales persisted even after the cryptocurrency suffered a major sell-off last year as a result of the SEC’s lawsuit against Ripple Labs. Ripple and two of its executives are accused of raising over $1.3 billion in an unregistered, ongoing digital asset securities sale, according to the SEC.

Recently on Monday, major crypto market coins restored their initial gains. Although daily price drops have been minor, tokens like Cardano, Maker, and XRP have gained up to 10% in the previous 24 hours. Nearly all cryptos dropped in value after the China Banking Association recently cautioned member institutions about the dangers of digital currency. Tighter restrictions for digital tokens have been rumored, putting pressure on them. Investors and dealers continue to invest and trade despite the huge catastrophe. 

Ripple, for example, began testing a private version of its open-source XRP Ledger earlier this year, with the goal of providing central banks with a safe, regulated, and adaptable solution for the issue and management of digital currencies. According to Ripple, the CBDC Private Ledger central bank digital currency solution is based on the same blockchain technology as the XRP Ledger, which means that the CBDC Private Ledger is created for payments.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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