Ripple Wires 20 Mln XRP While Jed McCaleb Gets Rid of 5 Mln XRP

Latest Cryptocurrency News
Tue, 08/11/2020 - 11:07
Yuri Molchan
XRPL Monitor has detected two transactions made from one of Ripple’s wallets while Jed McCaleb also wired 5 mln XRP to cash out
Ripple Wires 20 Mln XRP While Jed McCaleb Gets Rid of 5 Mln XRP
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Major Twitter bot XRPL Monitor has spotted 20 mln XRP transferred from one of Ripple's wallets, RL18-VN, which has been used often by the blockchain giant recently.

Ten million XRP were sent to the Luxembourg-based Bitstamp exchange which hosts a Ripple-powered ODL corridor.

Former Ripple CTO Jed McCaleb has also transferred 5 mln XRP. Thus, 25 mln XRP have been transferred in all.

XRP
Image via Twitter

Ripple parts with 20 mln XRP

From time to time, the blockchain giant Ripple releases various amounts of XRP. Those transfers are reported by Whale Alert and XRPL Monitor on Twitter.

The biggest releases occur on the first day of each month, when two portions of XRP (500 mln each) are unleashed from Ripple's escrow.

However, Ripple also sends XRP to its partners (financial institutions, MoneyGram, etc.) and to charity in addition to supporting itself.

Recently, Ripple has been collecting XRP back from OTC markets, as the company's Q2 report stated. Thus, the aforementioned XRP transactions could be targeted at that.

Earlier today, Ripple wired 20 mln XRP, sending half of that to Bitstamp, which hosts one of its ODL corridors.

Jed McCaleb keeps dumping his XRP

Ripple co-founder Jed McCaleb has also cashed out 5 mln XRP from the stashes he regularly receives from Ripple as part of his compensation package for his services as Ripple CTO in the past.

XRP
Image via Bithomp

5 mln XRP have been wired from McCaleb's "tacostand" wallet that he set up back when he was part of Ripple's board.

Former Ripple CEO Chris Larsen has also been moving XRP recently. Previously, U.Today reported that Larsen transferred 5 mln XRP to Coinbase Pro.

A likely reason for the transfer is Ripple recovering XRP from the market. Despite leaving the position of CEO four years ago, Larsen still holds the post of executive chairman at Ripple and a 17 percent stake in the companyas per data from 2018.

Related Ripple’s Former Head of XRP Markets Lands New Job
Related
Ripple’s Former Head of XRP Markets Lands New Job

Jed McCaleb to receive $1 bln from Ripple

Speaking of Jed McCaleb, according to Ripple's David Schwartz, the total compensation provided to him by Ripple is going to make Jed worth more than $1 bln after the settlement agreement expires.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.