Jed McCaleb has been selling off XRP tokens in accordance with an agreement he made with Ripple years ago. Sold 54M XRP in April: ‘No Impact on the Market’
A recent analysis of XRP wallets known to belong to Stellar and Ripple co-founder Jed McCaleb shows that he sold 54 million XRP tokens throughout the month of April–roughly 1.8 Million XRP a day. The news came in a report from The Crypto Associate.
The price of XRP started the month at roughly $0.17 and ended it around $0.227; at a median price of $0.1985, 54 million XRP is worth something like $10,719,000–roughly 0.0011% of XRP’s total market cap ($9.36 billion.)
A spokesperson from Ripple also recently told CoinTelegraph that “in 2016, we entered into a very structured agreement with Jed with the goal of ensuring distribution of his XRP holdings in service to a healthy, growing ecosystem without market disruption, with Ripple as custodian of Jed’s XRP holdings. This agreement remains in place today. Much of this information is publicly available.”
McCaleb: “I have been transparent from the beginning.”
McCaleb himself has also publicly commented about his own selling of XRP holdings: “I have been transparent from the beginning,” he told CoinTelegraph, adding that others have sold much more than he has.
“The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry. I think the history to date shows there is no impact on the market, and I don’t see any reason why that will change.”
However, McCaleb may have access to enough XRP to eventually move the market if he ever chose to do so–in a Medium post published on Feb. 6, Whale Alert estimated that McCaleb still has another 4.7 billion XRP left to sell (roughly 5% of the total supply.) Today, the tokens are worth more than one billion U.S. dollars: much higher than the $135 million Whale Alert estimated he had made via XRP sales at the time.