Ripple co-founder Jed McCaleb sold over 800 million XRP over the past four years

Ripple once again finds itself making headlines after recent information emerged about the company Co-founder Jed McCaleb. According to the new claims, McCaleb sold more than $ 175 million in XRP since early 2016. This allegedly took place over the last four years, and it includes nearly 820 million XRP.

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Jed McCaleb, Ripple co-founder

Ripple co-founder Jed McCaleb continues to liquidate his XRP

McCaleb originally received around 9 billion XRP units after he helped with the founding of the company. In only Q1 2020, McCaleb seemingly sold more than $ 26 million in XRP.

However, according to research by The Block, the reports show that this was not the highest amount that he ever sold per quarter. That honor went to Q4 2018 when McCaleb managed to sell $ 36 million in XRP.

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Source: XRP blockchain, The Block Research

This is nowhere near what Ripple itself managed to sell per quarter. In Q4 2019, the company behind the coin sold around $ 13.08 million. In Q1 of this year, however, it only managed to sell $ 1.75 million in XRP.

The reports also show that McCaleb started selling the coins in the first half of 2016, in Q2 of the year. He started selling small amounts, as per the agreement with Ripple. The deal is likely the only thing that stopped him from selling 9 billion XRP at once, as that would have knocked down the coin’s already low price.

McCaleb sold less than 10% of his XRP

The agreement limited him to only selling $ 10.000 XRP per week throughout the first year. During the second year, he was allowed to sell $ 20,000 per week. He could sell up to 750 million XRP per year during the third and fourth years. That amount went up to 1 billion during year seven, and 2 billion per year after the seventh year.

The 2014 agreement allowed McCaleb to sell XRPs at fixed amounts. In 2016, however, that agreement was revised, and since then McCaleb has been able to sell XRP holdings as a percent of average daily volume.

Accordingly, McCaleb has been offloading his XRP holdings at a steady rate. From the past one week, in particular, McCaleb has been selling 2.1 million XRPs every day. From what is known, he doesn’t appear to think that his XRP liquidations are affecting the coin’s price.

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Source: XRP blockchain, The Block Research 

He stated:

“I think the history to date shows there is no impact on the market. I’ve been transparent from the start, and the market has known that I would be selling my XRP at a steady rate.”

Others had sold significantly more than him. He only sold 9,1% of the total XRP that he owns.

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