Ripple Co-Founder Jed McCaleb Sells 54M XRP in April

Ripple Co-Founder _ Jed McCaleb _ Sale _ 54M XRP _ April

In the process of analyzing the wallets of Jed McCaleb, co-founder of Ripple, it was found that he sold almost 54 million XRP worth $11.7 million in April 2020, Herald Sheets website reported.

Data from XRP ledger explorer bithomp showed that Ripple’s co-founder tends to liquidate his tokens periodically.

The details revealed that the wallet address used by McCaleb to sell XRP got nearly 1.8 million XRP a day.

Who is McCaleb in the industry?

McCaleb is a well-known character in the crypto industry, especially as he co-founded Stellar and founded Mt. Gox exchange. In addition, the business tycoon co-founded OpenCoinback in 2012, which was later rebranded as Ripple. When the 100 XRP supply was pre-mined, McCaleb was allocated 9.5 billion tokens.

Following his plan to sell his XRP tokens, several people questioned the biggest portion of the allocated supply. This reportedly led to a 40 percent decline in XRP price within 24 hours. McCaleb then made a seven-year deal with Ripple which restricted his monthly sales of XRP.

Reports showed that McCaleb still holds billions of XRP. He earlier said he was selling his XRP slowly, and didn’t intend to affect other crypto firms.

Earlier, Cryptolydian reported that “MonkeyNoStopMyShow”, a long-term investor in Ripple (XRP), has expressed disappointment at the company’s achievements and statements of its Chief Executive Brad Garlinghouse.

The investor’s post on Reddit titled “Long-term hodler losing confidence” has received more than 100 responses and opened the door for heated discussion in the Ripple community.

The investor said he started his XRP investment in 2017. Since then, he has maintained strong confidence in the cryptocurrency’s potential. The investor hoped XRP would become a major player in the cryptography. However, he was disappointed by the statements made by Ripple CEO Brad Garlinghouse and Ripple CTO David Schartz:

“(…) things have been awfully quiet for perhaps over a year. Garlinghouse and Schwartz mentioned dozens of banks would be using XRP, Ripple would be working with major household names, but two years have passed and very little has been made public.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.