Ripple Transferred Another Massive Lump To Jed McCaleb’s Wallet, 1 Billion XRP Released
Former Ripple chief technology officer Jed McCaleb, who co-founded the DLT company with Chris Larsen, received another massive XRP lump from Ripple: a whopping 182 million XRP.
Ripple has transferred another massive lump to Jed McCaleb’s wallet
A staggering amount of XRP has landed in McCaleb’s “tacostand” wallet: 182,370,308 coins. This sum in crypto is worth $138,747,891 at the current XRP price of $0.76.
— Whale Alert (@whale_alert) August 1, 2021
At the moment, the Ripple Labs co-founder and the creator of the rival company Stellar have 686,844,772.16 XRP in his digital wallet.
Jed McCaleb’s “tacostand” wallet
Data on the web page dedicated to the regular lumps of XRP that Jed McCaleb has been receiving from Ripple since 2013 as part of their settlement agreement shows that the estimated time to go before McCaleb runs out of his XRP for good is almost seven months or 219 days.
The San-Francisco-headquartered blockchain decacorn has regularly been releasing one billion XRP for a few years now. Since early this year, this transaction was split into three consecutive transactions, 100 million XRP, 400 million XRP, and 500 million XRP, respectively.
In a series of tweets in late 2019, Ripple Brad Garlinghouse addressed the issue of Ripple allegedly dumping XRP on its investors, thus preventing the coin’s price from surging. Garlinghouse stated that those monthly XRP releases and other multiple cases of the company making investments or donations to charities in XRP are meant to enhance the coin’s liquidity.
Besides, 90% of the billion XRP released each month, as a rule, goes back into escrow the very same day.
Still, in the comments under the Whale Alert posts, the majority are cursing Ripple and XRP, calling on investors not to buy it. XRP enthusiasts point out that it’s not transferred back to Ripple escrow like they have been done for the last seven months but transferred to the unknown wallet. Some critics are ignorant of the subject of the discussion and say that people shouldn’t be surprised anymore at this monthly release of XRP.
However, none of them nor any high-positioned Ripple representatives have publicly explained these mammoth-sized amounts of XRP that are released and returned to escrow.
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