Data provided by the XRPscan blockchain platform shows that, over the past two weeks, the Ripple Labs co-founder who worked as its first chief technology officer for a year, Jed McCaleb, has sent approximately 80 million XRP to crypto exchanges to be sold.
Jed McCaleb receives 182 million XRP, sells $71.4 million worth of coins
The first CTO of Ripple has again released several portions of XRP, sending them to crypto exchanges to convert to fiat.
XRPscan shows 17 XRP transfers from McCaleb's "tacostand" crypto wallet, each carrying from 4.4 million to 6.5 million XRP tokens.
The fiat equivalent of 80 million XRP is $71,471,516 at the current exchange rate of $0.90.
On Aug. 1, Ripple transferred another staggering lump of XRP to McCaleb's address—182.3 million coins, totaling $138,747,891 in fiat at that time.
Jed McCaleb founded OpenCoin together with Christopher Larsen back in 2012. In about a year, McCaleb left over major discrepancies with Larsen and founded a rival blockchain company, Stellar, to realize the ideas he was unable to implement in the first company, which was later renamed Ripple Labs.
Since then, Jed has been receiving regular portions of XRP as compensation. The overall amount of crypto the company owes him is eight billion XRP tokens.
Researchers from the XRP community believe that McCaleb is likely to run out of his XRP riches by September of this year. The current balance on Jed's tacostand wallet is 646,598,147.86282 XRP, as per XRPscan.
XRP revisits $0.90 briefly
Earlier today, the sixth-largest cryptocurrency touched the $0.90 level after trading sideways in the $0.50-$0.70 range since June 22. Later on, however, XRP went down a little again.
At press time, the Ripple-affiliated coin is exchanging hands at $0.8949, as per data provided by CoinMarketCap, demonstrating an almost 10 percent rise.