Prominent trader Peter Brandt called the XRP cryptocurrency “garbage” in response to a tweet about the sales of Ripple co-founder Jed McCaleb.
“Just goes to show that even garbage can make a person a billionaire,” the veteran chartist tweeted.
As reported by U.Today, Ripple officially confirmed that Jed McCaleb had liquidated his XRP holdings after an eight-year-long selling spree. The co-founder earned an estimated $3.09 billion from selling his tokens on top of 708 BTC. The co-founder also liquidated his stake in Ripple (the company).
McCaleb's net worth is estimated to be $2.1 billion, according to data provided by Forbes. After a falling-out with Ripple, the early blockchain pioneer, who created the now-defunct Mt. Gox excahgne, went on to launch Stellar, another successful cryptocurrency project.
Brandt has repeatedly stated that the XRP cryptocurrency is an unregistered security. With that being said, Brandt said that he was still open to owning the cryptocurrency "under the right circumstances" in spite of regulatory uncertainty surrounding the controversial cryptocurrency.
The trader also called the cryptocurrency a “scam” back in 2020 and predicted that the U.S. Securities and Exchange Commission would sue Ripple.
Brandt has also been critical of other altcoins. In June 2020, the trader said that Chainlink (LINK) became popular with those traders who realized that XRP was a sham.
XRP is down as much as 89.49% from its record peak, underperforming other major cryptocurrencies.