XRP as if it were raining – The project Ripple (XRP) was founded in 2012 by Chris Larsen, Arthur Britto and Jed McCaleb. At launch, all three received 20 billion XRP tokens. However, since his departure in 2014, Jed McCaleb has continued to resell his bag of XRP.
Jed McCaleb massively dumps XRP
As we have just seen, Jed McCaleb was one of the three co-founders of Ripple in 2012. In 2014, the latter left Ripple to go and found the competing project Stellar (XLM).
Of course, McCaleb took with him his 9 billion XRP tokens remaining at the time of his departure, representing then 9% of the total supply in circulation. Since that date, it has continued to sell its tokens massively.
In the early years, tokens were sold piecemeal, according to the blocking plan stipulated between the co-founders. In 2014, he couldn’t sell more than $10,000 worth of tokens per day, an amount that doubled to $20,000 from 2015 to 2018. The limit was raised again between 2018 and 2019, preventing him from selling more one billion tokens per year.
In total, between 2014 and 2020, Jed McCaleb got rid of 5 billion tokens.
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Jed McCaleb soon to run out of XRP
As of 2020, McCaleb is allowed to resell a maximum of 2 billion tokens per year. Obviously, the latter was not asked.
Thus, in the same logic as since his departure from Ripple, McCaleb continued to massively resell his tokens. According to the Jed Balance website, which tracks McCaleb’s assets, this one has parted with over 4 billion XRP tokens since June 2020.
Between January and August 2021, McCaleb parted with a significant amount of XRP tokens. Thus, he will have sold approximately 2.4 billion during this period. As a reminder, XRP had reached $1.84 in April 2021
After a break of several months between September 2021 and January 2022, it seems to have resumed the sale of its tokens and will probably have fully liquidated them in the coming weeks. Since the start of 2022, McCaleb has parted with over 600 million XRP tokens.
According to the Jed Balance site, it sells an average of 5.7 million tokens per week. At this rate, McCaleb will have sold all of its XRP in 13 weeksi.e. by the end of September 2022.
For its part, the Ripple company is continuing its legal battle with the American SEC. The company’s lawyer recently accused the SEC of wanting to bankrupt crypto innovation in the United States.
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