Jed McCaleb has been selling off XRP tokens in accordance with an agreement he made with Ripple years ago.
A recent analysis of XRP wallets known to belong to Stellar and Ripple co-founder Jed McCaleb shows that he sold 54 million XRP tokens throughout the month of April--roughly 1.8 Million XRP a day. The news came in a report from The Crypto Associate.
The price of XRP started the month at roughly $0.17 and ended it around $0.227; at a median price of $0.1985, 54 million XRP is worth something like $10,719,000--roughly 0.0011% of XRP's total market cap ($9.36 billion.)
McCaleb is widely known to hold a large sum of XRP tokens and to sell them off somewhat regularly--a factor that has caused quite a bit of controversy in the cryptocurrency community, despite the fact that his XRP sales have all been made according to an agreement that he negotiated with Ripple all the way back in 2014; it seems that funds are periodically sent from a 'Settlement' wallet into McCaleb's personal wallets.
For example, Whale Alert, a service that tracks large crypto transactions, also identified a single transaction worth $11.8 million incoming to Jed McCaleb's wallet from the Jed McCaleb' Settlement' wallet on May 1st.
A spokesperson from Ripple also recently told CoinTelegraph that "in 2016, we entered into a very structured agreement with Jed with the goal of ensuring distribution of his XRP holdings in service to a healthy, growing ecosystem without market disruption, with Ripple as custodian of Jed's XRP holdings. This agreement remains in place today. Much of this information is publicly available."
McCaleb: "I have been transparent from the beginning."
McCaleb himself has also publicly commented about his own selling of XRP holdings: "I have been transparent from the beginning," he told CoinTelegraph, adding that others have sold much more than he has.
"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."
However, McCaleb may have access to enough XRP to eventually move the market if he ever chose to do so--in a Medium post published on Feb. 6, Whale Alert estimated that McCaleb still has another 4.7 billion XRP left to sell (roughly 5% of the total supply.) Today, the tokens are worth more than one billion U.S. dollars: much higher than the $135 million Whale Alert estimated he had made via XRP sales at the time.
A recent analysis of XRP wallets known to belong to Stellar and Ripple co-founder Jed McCaleb shows that he sold 54 million XRP tokens throughout the month of April--roughly 1.8 Million XRP a day. The news came in a report from The Crypto Associate.
The price of XRP started the month at roughly $0.17 and ended it around $0.227; at a median price of $0.1985, 54 million XRP is worth something like $10,719,000--roughly 0.0011% of XRP's total market cap ($9.36 billion.)
McCaleb is widely known to hold a large sum of XRP tokens and to sell them off somewhat regularly--a factor that has caused quite a bit of controversy in the cryptocurrency community, despite the fact that his XRP sales have all been made according to an agreement that he negotiated with Ripple all the way back in 2014; it seems that funds are periodically sent from a 'Settlement' wallet into McCaleb's personal wallets.
For example, Whale Alert, a service that tracks large crypto transactions, also identified a single transaction worth $11.8 million incoming to Jed McCaleb's wallet from the Jed McCaleb' Settlement' wallet on May 1st.
A spokesperson from Ripple also recently told CoinTelegraph that "in 2016, we entered into a very structured agreement with Jed with the goal of ensuring distribution of his XRP holdings in service to a healthy, growing ecosystem without market disruption, with Ripple as custodian of Jed's XRP holdings. This agreement remains in place today. Much of this information is publicly available."
McCaleb: "I have been transparent from the beginning."
McCaleb himself has also publicly commented about his own selling of XRP holdings: "I have been transparent from the beginning," he told CoinTelegraph, adding that others have sold much more than he has.
"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."
However, McCaleb may have access to enough XRP to eventually move the market if he ever chose to do so--in a Medium post published on Feb. 6, Whale Alert estimated that McCaleb still has another 4.7 billion XRP left to sell (roughly 5% of the total supply.) Today, the tokens are worth more than one billion U.S. dollars: much higher than the $135 million Whale Alert estimated he had made via XRP sales at the time.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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