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Jed McCaleb’s XRP Sales in September Still Amount to Zero. Is He Done Selling?

Mon, 20/09/2021 - 14:34
Jed McCaleb’s XRP Sales in September Still Amount to Zero. Is He Done Selling?
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As per data provided by XRPscan, since Sept. 1, the former Ripple chief technology officer, who also helped found the company, has not sold a single XRP.

His XRP wallet still contains the same amount of Ripple-affiliated crypto as back at the start of the month: 709,911,475.983699 XRP.

Image via XRPscan

Jed McCaleb has not resumed XRP sales

Since the last tranche from Ripple Labs, when Jed received 174,862,720, not a single transaction was made from his "tacostand" address, carrying a several-million XRP lump to a crypto exchange to convert it to fiat. That transaction from Ripple was worth $210 million back on that day, according to the coin's price.

This lavish amount of crypto came from Ripple on Sept. 1. The previous one was received by Jed exactly one month before and constituted 182,370,308 XRP. Until Sept. 1, he had been selling 8,489,328 and 9,080,265 XRP lumps on a daily basis.

Jed sold 198.3 million XRP coins throughout August, overall.

Has Jed spent the entire nine billion XRP?

Jed left Ripple Labs in 2013 (known back then as OpenCoin), as it wanted to take the company in a different direction from the other co-founders. He was given compensation of a whopping nine billion XRP for his services as the company's first CTO and for helping to cofound it.

Jed went on to set up a rival DLT firm Stellar to develop his own ideas. He was prohibited from selling his massive XRP stash at once by the contract and, instead, he agreed to sell his XRP in small portions regularly.

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Selling 2.6 billion in eight months

According to the blockchain data provided by XRPscan, overall, Jed McCaleb has sold 2.6 billion XRP in 2021. In January, he had 3.4 billion coins in his wallet. Now, as of Sept. 1, the "tacostand" balance equals 709.9 million XRP.

Besides, as reported by U.Today earlier, the Ripple wallet that had been transferring XRP to Jed's address on a regular basis is now empty.

According to the website, created by the XRP community to mark Jed's progress selling his XRP stash, he is likely to run out of XRP by either March 6 next year (in 166 days) or by May 15 next year (236 days to go). It depends on the pace at which he will be selling if he decides to resume selling.

XRP drops below $1

Earlier today, the sixth-largest cryptocurrency, XRP, began dropping from the $1.06 price mark and gradually plunged below $1. After hitting a low at $0.8895, the coin began to recover. At press time, XRP is sitting at $0.9295, according to data provided by CoinMarketCap.

Image via CoinMarketCap

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