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182.3 million XRP Sent to Jed McCaleb, While Ripple Unlocks Another Billion XRP

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Mon, 08/02/2021 - 07:36
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Yuri Molchan
Ripple has withdrawn another billion XRP and sent 182-million XRP portion to its former CTO
182.3 million XRP Sent to Jed McCaleb, While Ripple Unlocks Another Billion XRP
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Whale Alert has reported that, over the past 10 hours, Ripple blockchain tech provider has withdrawn another billion XRP from its escrow account.

The crypto decacorn has also transferred 182.3 million XRP to the wallet that belongs to its co-founder and former CTO Jed McCaleb.

One billion XRP on the move from escrow

Ripple continues its regular programmed releases of one billion XRP stashes. A massive amount of crypto was unlocked around eight hours ago, according to recent tweets published by popular crypto tracker Whale Alert.

The crypto tokens were withdrawn in three portions: 500 million, 400 million and 100 million XRP. The fiat value of the unlocked crypto totals approximately $760 million at the current price of $0.7337.

Nine hundred million from the released amount has been put back in escrow and locked. One hundred million XRP have been sent to the Ripple wallet for further use.

As a rule, part of the released amount (which does not get locked back) is sent to Ripple customers—financial institutions—and crypto exchanges to support XRP liquidity.

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Image via Whale Alert

Ripple has been releasing one billion XRP on the first day of the month for several years already.

Ripple co-founder receives 182.3 million XRP

The person who cofounded Ripple Labs, initially known as Opencoin, with Christopher Larsen and was its first chief technology officer, Jed McCaleb, has received another big portion of XRP.

A whopping 182.3 million tokens have been sent to his "tacostand" wallet by Ripple—a regular payment made as part of the settlement agreement between Ripple Labs and McCaleb.

This XRP stash is the equivalent of $138,747,891 in fiat at press time. The transaction was made approximately 10 hours ago, as reported by Whale Alert.

Jed McCaleb has been selling his XRP regularly, sending them to crypto exchanges. The community believes that Jed McCaleb is likely to run out of his XRP holdings by late August or early September.

At the moment, Jed's "tacostand" wallet holds an astounding 682,445,818 XRP, according to blockchain service XRPscan. That is equal to $522,650,542.

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XRP remains in the $0.70 range

The seventh-largest cryptocurrency, XRP, continues trading in the $0.70 range, exchanging hands at $0.7617 as of this writing, according to data provided by the CoinMarketCap platform.

XRP has been unable to recover the $1 price mark after declining below it on May 22. Prior to that, the coin soared to a peak of $1.90 on April 14.

The coin then spent approximately a month moving sideways in the $1.50 range, making temporary dips but remaining above $1.

Since the last week of May, however, XRP has been unable to recover that crucial level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.