Over the past 10 days, Jed McCaleb dumped 202 million XRP from his “tacostand” wallet but the remaining balance to over 2 billion XRP
Cryptocurrency has really made many poor people quickly but also get richer quickly (hopefully the number gets richer). Among them, several investors happened to be involved in cryptocurrencies at a very early point in the history of the crypto economy. Especially those who bought XRP from prices just a few tens of cents.
Source: XRPScan
Here’s how much XRP former Ripple CTO has left, after another dumping spree
Jed McCaleb is extremely wealthy thanks to his early investments in the digital asset space, especially when he co-founded the company, Ripple. The old CTO has once again transferred another significant amount of XRP according to data from XRPscan.
Jed received a nine billion XRP reimbursement for helping establish the company and his first role as CTO. After seeing a spike in growth at the beginning of the month, the price of XRP has seen a trend reversal and the coin has been in a downward trend since April 18.
A new uptrend appears to have entered the XRP market, and a trend reversal has been seen in the charts, allowing the coin to make steady gains over the past 24 hours. At the time of writing, XRP is trading at $ 1.34 and has a market cap of over $ 60 billion. While the short-term price movement looks promising, the past week has seen XRP lose almost 23% of its valuation.
According to data from XRPscan, over the past 10 days, Ripple co-founder Jed McCaleb sold 202 million XRP from his “tacostand” wallet, named and activated while McCaleb was still working with Ripple. The aforementioned transactions mainly consist of 2,25,98,697 XRP in 6 transactions and three transfers of 1,85.58,414 XRP. This amount amounts to $ 231,899,940.
Source: XRPScan
XRP enthusiast and Blockchain researcher Leonidas Hadjiloizou has tracked McCaleb’s previous XRP sales and has tweeted regularly about the sell-off on various occasions.
Jed will be selling 22.6 million XRP per day for the next 7 days (including today).
That’s 158.2 million in a week. A bit off from my calculations (expected 40+ per day) but still a high amount.
Let’s hope the high volume continues. pic.twitter.com/xEWbva04bx
— Leonidas (@LeoHadjiloizou) April 18, 2021
What is different for the researcher is that McCaleb sales, which are happening in smaller numbers, are happening. As he stated in his tweet, McCaleb is selling 22.6 million XRP daily instead of over 40 million.
On the contrary, he still criticizes Ripple’s old CTO holdings and added:
“McCaleb’s XRP riches may dry up by August or September of this year.”
You can see the XRP price here.
Read more:
- SEC Asking 20 Foreign Regulators For Information On Ripple And XRP But Two Of Them Refused To Help
- Ripple Executives Refused To Provide Any Documents Related To Their Accounts On Foreign Exchanges before The SEC’s Request