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Ex-Ripple CTO proceeds to massive XRP sale

Photo of: Joseph Stone
by Joseph Stone

Despite leaving in 2014, Ripple’s former CTO continues to collect a mass of XRP tokens. Jed McCaleb received 266 million XRP this week. He sold 30 million XRP tokens for $16.2 million.

McCaleb’s time at Ripple, then called OpenCoin, continues to pay off for McCaleb years later. A founding member of the company, he retired as Chief Technology Officer in 2014.

Since then, McCaleb has been a co-founder of Stellar. This does not prevent him from regularly collecting significant amounts of XRP. His departure included the payment of 9 billion tokens. Since then, he has been selling these tokens on the open market.

As the Whale Alert Twitter account reports, Jed McCaleb recently made one such sale. Ripple awarded him just over 266 million XRP Tokens this week.

Of this free allocation, 30 million XRP have already been sold, notes Decrypt. A good deal for the former CTO. According to CoinGecko, out of the equivalent of 148 million dollars of tokens, he made a sale at 16.2 million.

Not sure however that the XRP community appreciates, even if as early as 2014 Jed McCaleb announced his intention to proceed with the sale of these tokens. An hour after his last sale, the XRP price dropped 6.2% to $0.54.

Especially since this is not the first massive sale carried out this month by the founder of Stellar. The data available on the blockchain show the arrival on his public wallets of 113.3 million XRP on December 1st.

On one of these electronic wallets, McCaleb thus holds 251 million tokens, the equivalent of $138 million, or 0.5% of the total XRP currently in circulation. However, McCaleb is not alone in influencing the price of cryptocurrencies through its sales.

Ripple itself is the primary owner of XRP. The company holds no less than 48 billion tokens on a wallet. And it does not hesitate to sell off assets on a regular basis to finance its activities.

Recently, however, Ripple seems to have put a stop to these disparaged actions, even starting to buy back XRP to support its price. It should be noted that these sales have been the subject of much criticism and even accusations of price manipulation.