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Ripple co-founder dumps another 130 million XRP

Photo of: Joseph Stone
by Joseph Stone

Is Jed McCaleb giving XRP a boost? The former co-founder of Ripple continues to sell out his chips. In one week, he sold nearly 130 million XRPs, pocketing about $69.3 million.

Jed McCaleb is what we call a whale in the XRP universe. The former CTO and co-founder of Ripple has not been part of the company’s organization chart for years. However, he has a real XRP jackpot.

He continues to make sales on a regular basis. And these were accelerating in 2020. This year, McCaleb is continuing to build on this momentum.

As Decrypt reports, the former Ripple sold nearly 130 million XRPs in a single week. According to XRPscan data, this asset sale was carried out in several waves. Between February 4 and 6, he sold tens of millions of tokens in four separate rounds.

The first was for 38 million XRPs, and the next three were for 12.7 million XRPs each. And two days later, another 38 million XRPs were sold by Jed McCaleb. In addition, these sales continued this week for 3 series of 19 million tokens each.

According to our colleagues, however, these crypto-assets sales would have had little impact on the value of the token. In the 24 hours following the last sales, the value of the XRP increased by 7%. Over the last 7 days, however, the increase was 33%.

However, this improvement continues. Ripple’s token is currently showing an increase of approximately 10% to $0.57. Apart from the recent “pump & dump” episode, the value of XRP has not moved in this area for several weeks.

However, the topicality of the token and its issuer does not seem to justify such a progression on its own. But like other cryptocurrencies, XRP could above all benefit from the dynamics of the moment of crypto-assets and Bitcoin.

For Jed McCaleb, this trend is in any case a godsend. However, McCaleb still has a very substantial XRP heritage. On his wallet, he holds the equivalent of 480 million tokens. That’s the equivalent of nearly $250 million.

Sales are therefore expected to continue in 2021. And at a sustained pace? Last year, Ripple’s co-founder sold $400 million worth of XRP. In total, over the period, McCaleb sold 1.2 billion XRPs. That’s more than between 2014 and 2019.