In recent weeks, former Ripple CEO Jed McCaleb has reportedly sold millions of XRP tokens, and each sale has been watched by the public. On Sunday, McCaleb sold another 38 million XRP worth $22 million, after selling 95 million XRP worth $56 million last week.
Co-founder of Ripple sells 38 million coins on Valentine’s Day.
Ripple co-founder and former CEO Jed McCaleb was on a recent call after the founder sold a lot of XRP. News.Bitcoin.com reported a series of sales of XRP McCaleb in December 2020 and January 2021.
Similarly, a McCaleb portfolio called Tacostand went on regular sale in February. In our last report, we explained that analyst Leonidas Hadjilouazou has been following McCaleb’s XRP sales and regularly tweeting about the dumps.
Sunday the 14th. February, also known as Valentine’s Day, McCaleb sold more XRP. A website called xrpscan.com shows that the Tacostand wallet of the former Ripple executive has sold 38 million XRP worth $22 million. Hajiluazu tweeted about the event, and he thinks McCaleb will sell more this week.
Jed will sell XRP 38,345,406.53 a day this week. This equates to approximately XRP 268 million or $166 million at current prices for one week. At this rate, his XRP 2.896 billion will be used up by May. At half that rate (19 million per day), it would have been ready by mid-July. Every day at 10 o’clock for the rest of the year.
XRP sales reached $1.22 billion in February
McCaleb’s sale follows recent problems Ripple Labs has had with US regulators. Hajiluazu noted that Jed’s Tacostand has suspended its sales of XRP since the SEC complaint was announced. But shortly thereafter, the address at the taco stand was sold out again.
Moreover, in Bradley Shoshtak v. Ripple Labs has filed a motion to force Ripple to disclose improperly concealed emails between the company and the US Securities and Exchange Commission (SEC).
McCaleb supported selling in the first two weeks of February, while XRP has also seen a price jump over the past 15 years. Prior to selling 38 million XRP on Sunday, McCaleb sold 95 million XRP last week and 76 million XRP the week before. That’s just over $1 billion at today’s XRP. McCaleb is also a well-known crypto billionaire and one of the 100 richest people in the world.
What are your thoughts on the recent sale of Jed McCaleb and the legal issues Ripple has been facing lately? Let us know what you think in the comments below.
Tags in this story
Billionaire, Bradley Shostak, cryptocurrency, Jed McCaleb, lawsuit, Leonidas Hadjilouazou, Ripple, Ripple Labs, SEC, Tacostand, Valentine’s Day, XRP, XRP sales
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frequently asked questions
How many XRP does Jed McCaleb have?
Currently, his portfolio balance is XRP 480.5 million (S249.8 million). In December 2020, the U.S. Securities and Exchange Commission accused Ripple of looting $1.3 billion since 2013 through unregistered securities sales. The suspects denied the allegations.
How much XRP does Jed McCaleb have left?
After the latest transactions, McCaleb still had over 76 million XRP in his wallet.
Can the XRP reach $20?
According to them, XRP could reach $20 by 2020 as it would have the highest capacity of any other cryptocurrency. Ripple Coin News, the second most visited news site, predicts that Ripple will experience a period of calm in the coming years after a difficult run-up.
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