Ripple Co-Founder Sells a Billion XRP, 4.7 Billion Remains

Ripple Co-Founder Sells a Billion XRP

Whale Alert, the blockchain monitor, analysis suggests that Ripple co-founder Jed McCaleb sold over one billion XRP between 2014 and 2019.

McCaleb would have another 4.7 billion XRP left to sell, about 5 percent of the total supply, Whale Alert estimates showed. The hoard is worth more than a billion U.S. dollars at today’s prices, dwarfing the estimates of $135 million Whale Alert he’s made via XRP sales to date.

Last month, McCaleb sold another 19 million, or $4.13 million, and Whale Alert claims the pace may increase this year as its XRP sales-limiting agreements expire. Specifically:

“At the current rate it would take him around 20 years to sell all of it, however, his activities have been limited by the settlement agreement with Ripple, which is likely to expire sometime in 2020.”

McCaleb Sells a Billion XRP in 6 Years

Whale Alert monitors blockchains, and issues notifications about large cryptocurrency movements on Twitter and Telegram.

Whale Alert posted the addresses that it had identified as belonging to McCaleb, which it traced through its blog information, forum posts, and public ledger.

“By analyzing over 90,000 transactions we were able to track around 8 billion XRP to Ripple, a settlement account and his personal accounts from which he actively sells.”

It said he sold off the 1.05 billion XRP almost exclusively through Bitstamp.

Whale Alert was unable to determine if McCaleb’s sales had affected the price of XRP but said: “because he is exclusively selling XRP, he is adding to the net amount available.”

In a related context, XRP price growth continues to decline on the first day of February, despite Ripple, the blockchain payment network notionally tied to altcoin XRP, issuing 500 million tokens from its escrow wallet.

Additionally, Ripple has began February 2020 with a single transaction of 500 million tokens worth $119.5 million released from Ripple’s escrow the same day, data by monitoring tool Whale Alert verified.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.