Ripple Co-Founder Sold 1.8M of XRP Daily in April

By Abhimanyu Krishnan | News | 4 May 2020

Whale Alert on May 1 tweeted that Jed McCaleb, co-founder of Ripple, Mt.Gox and Stellar, sold nearly 55 million XRP in April, as proven by the activity stemming from his wallet. The total sum amounts to $11.7 million. Still in possession of over 4 billion XRP tokens, McCaleb sells his tokens on the Bitstamp exchange. The associated wallets can be seen in the tweet's link. 

McCaleb, who had a pivotal role in Ripple’s origins back when it was called OpenCoin, had been handed 9.5 billion XRP as a part of the initial allocation. After McCaleb left Ripple in 2013, the two parties agreed for McCaleb not to sell more than $10000 worth of XRP every week for the first year after his departure. The deal has stipulations for a seven year period, with the seventh allowing for a maximum sales limit of 1 billion XRP.

In February 2020, it was revealed that he had sold over 1 billion XRP tokens in all those years, which he had denied as having any effect on the token’s prices. At the time, he told CoinTelegraph,

I have been transparent from the beginning. The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry. I think the history to date shows there is no impact on the market, and I don’t see any reason why that will change.

Ripple on April 30 published its Q1 2020 sales report, which does not reflect well on how the token is doing. Sales have dropped by 87% from Q4 2019, though average daily volumes have picked up. Meanwhile, it is proceeding with a lawsuit against YouTube for XRP giveaway scams.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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