Jed McCaleb, Ripple Co-founder Sells 61.5 Million XRP In A Not So Surprising Move

When the discussion is about cryptocurrency, no one can emphasize it enough. Cryptocurrency has taken over the world so much, it needs to be taught as a discipline in business schools.

Jed McCaleb, Ripple’s co-founder had sold 61.5 million XRP, according to data retrieved from XRPscan. This is not the first time the co-founder is offloading XRP and his recent offload of 61.5 million XRP brings his total reserve of XRP to below a half a billion. XRPscan data showed that 61.5 million XRP had left Jed McCaleb’s wallet.

Jed McCaleb has over the years been regularly ‘dumping’ XRP in the cryptocurrency market. This has been going on for quite a long time after his exit from the company in 2013. The co-founder is pretty much to be held responsible for price of XRP not holding on for as long as it should because of his regular dumping in the market.

$36.9 million is what Jed McCaleb’s most recent sale is expected to be worth. This brings his total holding in his wallet to 442 million XRP. XRP traded at $0.606590 with a daily trading volume of $13.3 Billion and was down 4.09% for the day, as at the time of this writing.

Whale Alert reported about a month ago that McCaleb’s remaining XRP holdings, along with the gains the co-founder made selling XRP stood at $1.2 billion thus making him one of the richest individuals in the cryptocurrency world.

Ripple’s co-founder; Jed McCaleb left the company many years ago to start his own company. His company is known as Stellar. Jed McCaleb was selling an average of 1.74 million XRP as at the beginning of the third quarter of 2020. As at that time, the value of that amount of XRP was valued to be worth $547,438, and according to Whale Alert’s research, the Jed McCaleb still owns 3.274 billion XRP.

In spite of all the legal conundrum Ripple was faced with in 2020 against the powerful American financial regulator, the co-founder made a profit of $411 million in XRP sales throughout 2020 which brought his total gains from selling XRP to $546 million.

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