Over the past seven days, the person who helped created Ripple Labs, Jed McCaleb, was noticed selling several XRP lumps from his "tacostand" wallet with the total amount exceeding 108 million tokens.
Jed McCaleb cashes out 108.3 million XRP
Data obtained from XRPscan shows that, in the past seven days, Jed McCaleb, who founded Ripple Labs together with Chris Larsen and was also its first chief technical officer, has made seven XRP transfers from his "tacostand" wallet.
Half of these transactions carried 13 million XRP each and the other half carried 18 million XRP.
Earlier, U.Today reported that Ripple had sent McCaleb a whopping 672,974,493 XRP (around $277.7 million in fiat back then).
Jed has another 537 million XRP on his wallet balance
At press time, the remaining XRP balance on McCaleb's wallet totals 536,996,596.086819 XRP.
McCaleb still owns almost three billion XRP
The community believes that Jed has around three billion coins left and that he may well sell all of them by the end of this year.
McCaleb left Ripple in 2013 after founding it with Chris Larsen (its former CEO) a year before over certain disagreements with Larsen.
He was entitled to compensation for his help in founding the company and serving as its first CTO, so Ripple agreed to pay out several billion XRP to McCaleb.
However, the money is being sent to him in lumps on a regular basis to prevent him from dumping the whole amount to the market at once and bringing the XRP price down.
Jed's regular XRP sales, however, do not impact the exchange rate of XRP. The lawsuit initiated by the SEC in late December 2020 is much more influential on XRP than the regular dumps by the former CTO.
Denys Serhiichuk
Arman Shirinyan
Alex Dovbnya