Jed McCaleb receives another jaw-dropping XRP lump from Ripple as it locks 800 mln back in escrow and transfers 106 mln XRP to its former CEO
As always, Ripple unlocked 1 billion XRP from escrow on September 1. Then, for some reason, the blockchain decacorn sent nearly all of it back to the fund to lock it. Besides, the blockchain decacorn made another huge payment to co-founder Jed McCaleb, who is no longer working at Ripple, to 133 million XRP.
Ripple locks 800 million XRP
On the first day of each month, Ripple will unlock 1 billion XRP. Previously, there were quite a few complaints about this decision. They even speculate that these frequent “XRP price cuts” were preventing XRP from catching up to the 2018 ATH peak – when the fourth largest cryptocurrency hit $ 3.23 in January before starting to fall.
However, the blockchain decacorn recently started returning 80% of the issued funds to escrow. Therefore, this time, after unlocking 1 billion XRP, 800 million XRP was sent back to the place of origin. According to Ripple, these XRP blocks have been taken out of monthly escrow to maintain investor interest and support the consistent use of XRP.
Overall, Ripple plans to issue 55 billion XRP, in the amount of 1 billion XRP per month. At current rates, 1 billion XRP equates to $ 280,657,558.
According to Whale Alert, Ripple has forwarded 133,152,655 XRP ($ 38,896,812) to former technical director Jed McCaleb. The blockchain decacorn sent these payments to McCaleb’s “tacostand” wallet regularly as part of a settlement deal following his resignation. The reason Ripple has to compensate him is that McCaleb serves as a co-founder of Ripple, and if McCaleb deliberately dumped XRP in the market, the XRP price would be even lower than it is today.
According to XRPL Monitor, 69.2 million XRP has been sent from several Ripple wallets over the past 24 hours. Former CEO Chris Larsen has transferred a total of 37,499,900 XRP. He also received 17 million XRP from an anonymous address to his wallet.
You can see the XRP price here.
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