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Former Ripple CTO Jed McCaleb Emptied XPR Account Selling 5.7B XRP Worth $3.1B In 8 Years

John Wanguba by John Wanguba
July 18, 2022
in Crypto news
Reading Time: 3min read
Former Ripple CTO Jed McCaleb Emptied XPR Account Selling 5.7B XRP Worth $3.1B In 8 Years
Rate this post

The co-founder of Ripple Labs, Jed McCaleb, has sold almost all his XRP, based on TacoStand data. According to TacoStand, the former Ripple Labs CTO now owns a small number of coins, 46.7 XRP worth around $16.3, in his wallet. This development comes several days after it was said that McCaleb had taken a break from selling XRP.

Jed McCaleb xrp account now zero

As reported previously, up to 5.32 million units of XRP were still available in his wallet two days ago. Nonetheless, it did not take long before he sold nearly every XRP in his account leaving only 46.7 Ripple at the time of publication.

Ripple Gave McCaleb 9 Billion XRP

Remember that McCaleb was among the Ripple Labs co-founders in 2013 and he went on to become the firm’s Chief Technology Officer (CTO).

Before McCaleb left Ripple, he got billions of XRP that he continued to sell on various occasions. Based on the insight provided by an on-chain crypto data provider Whale Alert, McCaleb successfully sold up to 5.7 billion XRP for $3.1 billion at an average price of $0.55/XRP over eight years.

McCaleb went on a selling spree of the crypto, which makes many think the activities have also negatively affected the price of XRP over the years.

WhaleStats noted in a report:

“[…] Because he is exclusively selling XRP, he is adding to the net amount available. It is also important to note that it seems that the profits are being cashed out directly through Bitstamp, and we found no evidence that any of it is being reinvested into the crypto market.”

It is a great development that McCaleb is done with the selling of his XRP since these actions will no longer affect the price of the coin.

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Tags: AltcoinsJed McCalebmarket analysisPrice AnalysisRippleXRPXRP price

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