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Jed McCaleb Ripple Stash Falls Below 50M, Will be Empty In Nine Days

Altcoins

thecryptobasic.com 05 July 2022 13:31, UTC
  
Reading time: ~2 m

In nine days, Jed McCaleb’s Ripple stash will be completely depleted.


According to recent sources, Ripple’s former Chief Technology Officer (CTO) Jed McCaleb’s current daily sales of XRP are on course to be totally empty in nine days, and he now only owns 45 million XRP. 

Jed current daily sales of #xrp is on track to be completely empty in 9 days he now only has 45 million xrp pic.twitter.com/YUbLvIPpZn

— El Diablo Dictator know it all 😜 (@Lionel46294550) July 5, 2022

Jed McCaleb, the co-creator of Ripple Labs and a former CTO of Ripple, has been actively selling XRP, and the data suggests that there is a deadline by which he will be through with it. 

McCaleb was a member of the core team that was responsible for the creation of Ripple in 2013. However, he eventually parted ways with the firm the following year, in 2014, and launched yet another blockchain project known as Stellar. Ripple compensated him with about 9 billion XRP coins prior to his departure from the firm.

In February of 2021, there were rumors indicating that McCaleb was selling significant amounts of XRP. According to XRPscan, McCaleb’s “Tacostand” wallet sold 38 million XRP, or $22 million, on February 14.

It was hypothesized that McCaleb’s XRP hoard would be depleted by May of 2021 if the selling pace remained the same as when it began. Meanwhile, the sales did not continue at that pace, and McCaleb’s wallet still has 45 million XRP, which is now worth a little bit more than $14 million.

At one time, McCaleb was prohibited from selling his XRP tokens owing to an agreement with Ripple Labs that required him to keep his crypto assets frozen in order to reduce the volatility of XRP. For example, when McCaleb sold $1.22 billion of XRP coins in February of last year, it was evident how much effect that had on XRP’s price

Four days after recovering from $0.28, its lowest level since January 2021, the price of XRP rose roughly 30 percent on June 24. According to recent analyses, the token’s retracement recovery might reach $0.41 next. At the time of writing, one XRP is worth $0.3197.


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