Jed McCaleb, one of the co-founders of Ripple, sold approximately 135 million tokens XRP in the past few weeks. According to data, XRPScan has approximately 30.5 million tokens in its “tacostand” account. Jed McCaleb sells XRP under an agreement with Ripple in 2014.
Jed McCaleb sells XRP
McCaleb began working on Ripple in 2011 and was part of its founding team. The company started operating in 2013. When he left the project in 2014 to work on Stellar (XLM), he received 8 billion XRP tokens for his contributions to OpenCoin development. We know this asset today as XRP.
The entrepreneur received the tranche in accordance with the agreed schedule. He made it clear through XRP Talk, a forum for investors and XRP supporters, that he plans to sell the funds received. He has already donated a large part to charity organizations.
He has been selling XRP periodically since then. The data shows that it recently sold over 135 million tokens, worth nearly $ 58 million. It is worth remembering that McCaleb has certain contractual limitations. He can liquidate his capital in XRP only in a certain amount.
Ripple controversy and XRP course
The big sale of McCaleb’s XRP came as the price of the cryptocurrency soared after a massive sell-off over a lawsuit against Ripple Labs, issued by the US Securities and Exchange Commission (SEC). The SEC says Ripple has “raised more than $ 1.3 billion in an unregistered, continuous offering of securities with digital assets.”
The price of XRP hit a high above $ 0.7 last year, then plunged sharply as a result of a lawsuit. The rate dropped to a low of $ 0.2 before regaining balance. Now the asset price is at $ 0.447.
While most cryptocurrency exchanges withdrew XRP in response to the lawsuit, others sided with Ripple, arguing that the SEC move hurt XRP investors.
The cryptocurrency exchange Uphold pointed out that the aim of the SEC is to protect consumers. The platform finds it difficult to imagine how the SEC would achieve this goal. A negative ruling would make Ripple a worthless project, which would translate into billions in losses for investors.