Jed McCaleb, one of the co-founder of Ripple, has sold an estimated 135 million XRP tokens over the last few weeks, and has around 30.5 million tokens left in his tacostand account, according to data from XRPScan.
McCaleb is said to have started working on Ripple back in 2011, and was part of its founding team when the firm launched in 2013. While he left the firm in 2014 to work on Stellar (XLM), he was awarded 8 billion XRP tokens for his role in developing and founding OpenCoin, which was later rebranded to Ripple.
The entrepreneur received the funds on a fixed schedule and has made it clear via XRP Talk, a forum for XRP investors and proponents, that he plans on selling the funds he receives, as he has already donated part of the funds to charities such as Give Directly, Literacy Bridge, and others.
Since then, he has been periodically selling XRP. Data shows he has now recently sold over 135 million tokens, worth nearly $58 million at press time.
— CryptoGlobe (@CryptoGlobeInfo) March 1, 2021
McCalebs large XRP sales came as the price of the cryptocurrency has been recovering from a massive sell-off over the U.S. Securities and Exchange Commissions (SECs) lawsuit against Ripple Labs. The SEC has alleged Ripple and two of its executives raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
The price of XRP hit a high above $0.7 last year, before plummeting over the lawsuit. It dropped to a $0.2 low before recovering and thanks to supporters pumping its price and gaining momen ...
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.