Ripple Co-founder Jed McCaleb Sold 54 Million XRP in April

Analyzing known wallets for Ripple co-founder Jed McCaleb shows he sold off at least 54 million XRP between April 1-30.

According to a May 2 report by TheCryptoAssociate based on data from McCaleb’s known addresses, the Ripple co-founder appears to be liquidating his supply of tokens on a regular basis. Data shows that the wallet address supposedly used by McCaleb to sell XRP received an average of 1.8 million tokens daily in April, totaling 54,215,405 XRP — $11.7 million at the time of press.

Billions of XRP left to sell

McCaleb is a key figure in cryptocurrency’s history, having created the Mt. Gox exchange and co-founded Stellar. He also co-founded OpenCoin in 2012, which later became Ripple, and was allocated 9.5 billion XRP when the 100 billion supply was pre-mined.

This large supply of coins has led to controversy surrounding McCaleb when he announced his intention to sell his portion of XRP, a declaration that caused the token price to fall 40% within 24 hours. He then negotiated a seven-year agreement with Ripple that limited his monthly and annual sales of XRP.

Stellar CTO still has billions of XRP tokens available in his wallets — nearly 4.7 billion as of February 2020. In response to concerns as to how his behavior might influence the XRP price, McCaleb told he has been selling his XRP “at a slow, steady rate” and has no desire to “negatively impact other companies in this industry.”

Also read: Bitcoin Hash Rate Tag Hits New Record 8 Days From Halving

Source: https://cointelegraph.com/news/ripple-co-founder-jed-mccaleb-sold-54-million-xrp-in-april