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October 4, 2022
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Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

Ripple Jed co-founder McCaleb sold over $ 400 million worth of XRP tokens in 2020. We learn this from an updated Whale Alert report. Again, McCaleb’s actions arouse contradictory emotions, as they could have had an impact on the token price.

Jeb McCaleb and XRP 1.2 billion

McCaleb sold as much as 1.2 billion XRP during the year at an average price of $ 0.34 per token, which is a total of almost half a billion USD. This value is reportedly close to approx. 27 percent. his current XRP inventory, which is held in his Ripple Labs billing account.

It must be admitted that the businessman planned his sales strategy well, because Ripple is currently facing significant legal problems. The SEC has sued the company and its major investors who the committee said “They participated in the 200 millionth [niezarejestrowanej] the company’s C-series financing round in 2019. “

Ripple claims that he is not afraid of a lawsuit because he is sure of winning. Unfortunately for the project, in response, major market exchanges – such as Coinbase – are removing XRP from their trading platforms. It is said that the market’s whales are also selling their token resources.

XRP for a former associate

McCaleb received tokens – 9.5 billion XRP to be exact – when he left the ranks of Ripple Labs, which was back in 2014. In the same year, however, he signed a deal with Ripple Labs that limited the amount of XRP he can sell per week to avoid negative impact of his actions on the course.

Despite widespread criticism, McCaleb repeatedly tried to reassure investors that his sale did not affect the price of XRP. McCaleb’s contract with Ripple Labs only expires in 2023.

In an original report on McCaleb’s XRP sales process in February 2020, Whale Alert warned of the potential risks associated with “A single entity having such a significant economic impact on a project in which it is no longer involved”:

“Whether or not you believe the future is clear for blockchains like Ripple, you cannot ignore the economic power and consequences of whales like Jed McCaleb …”

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