Home
News
Jed McCaleb has been selling his XRP token consistently for a while, and soon it’s going to dry up
Ripple Labs co-creator and former executive Jed McCaleb has been consistently selling XRP, and data shows a timeline by which he will be done with it. McCaleb was part of the core team when Ripple was created in 2013 and later he left the company the very next year in 2014 and went on to start yet another blockchain project named Stellar. While leaving the company, Ripple rewarded him with approx 9 billion XRP tokens.
It was reported in February of last year that McCaleb started selling a significant amount of XRP tokens from his crypto asset holding. As per the data, a crypto wallet named ‘Tacostand’ that belongs to McCaleb sold about 38 million XRP tokens on 14th February, worth $22 million at the time. Looking at the rate of selling, it was assumed that if selling continued then the whole XRP reserve of McCaleb would have dried up by May 2021.
ALSO READ – Is Nayib Bukele Using Bitcoin To Create Illusion In El Salvador?
However, the sale of XRP stopped and did not continue for a while. Now that data shows that McCaleb’s wallet holds about 81.53 million XRP tokens that would be worth more than $26 million if converted considering the current price of XRP, that is anticipated to dry up by the end of this year. Observers who are still watching the movements on Tacostand reported that McCaleb is still dumping the crypto asset. One of them even observed that 22,007,874 XRP tokens were sold on 29th June from McCaleb’s wallet.
There was a point where McCaleb was barred from selling his XRP tokens, due to an agreement with Ripple Labs that made him keep his belonging of crypto assets locked with the intention to protect the overall XRP token price from being volatile. It was even seen when McCaleb had sold XRP tokens in bulk, such as in $1.22 billion worth of XRP tokens sold in February last year.
McCaleb also stopped selling his crypto asset, given the case filing against Ripple Labs against the United States Securities and Exchange Commission. Several statistics show that Tacostand wallet had sold over 2.74 billion XRP tokens by last year, and from the start of this year till today, it has seen sales of about 627 million XRP.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
