Ripple

McCaleb’s XRP Dumping Halts! Market Speculates Why?

Written by: Delma Wilson

Written by right arrow

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

  • author facebook
  • author twitter

Nov 27, 2021

news-image

Ripple co-founder Jeb McCaleb hasn’t sold any XRP since the end of August, according to the website jed.tequ.dev. This is one of the longest periods in which he hasn’t sold any of his interests.

Advertisement

According to the statistics, his most recent sale was 12 weeks ago, when he sent just under 8.5 million XRP to Bitstamp to sell. 

According to McCaleb’s “tacostand” wallet, the last payment from Ripple was for 174,862,720 tokens on September 1. 

The ‘tacostand’ wallet currently holds 709,911,488 XRP, which is worth roughly $731 million at today’s price.

McCaleb hasn’t sold any XRP since his last transfer out on August 31, prompting conjecture about his current motivations for not selling. 

The background

McCaleb was Ripple’s first-ever CTO, although he left in 2013 because to conflicts with other co-founders. 

Nonetheless, McCaleb controlled 9 billion XRP at the time of his departure, and rather than rubberstamping an agreement allowing him free access to the lot, Ripple negotiated a settlement limiting the amount he could sell to avoid a large oversupply.

After reportedly breaching that agreement in 2016, he renegotiated a new contract in which he would donate 2 billion XRP to charity and the remaining 5.3 billion would be held in Ripple custody, with limitations on how much he could sell (if he chooses to) based on a percentage of average daily volume. 

Show More

Was this writing helpful? myImage dislikeimage

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Related Articles

Back to top button