Ripple’s Jed McCaleb Just Sold Billion XRP In 5 Years

Ripple’s Jed McCaleb, who is the co-founder of the platform, sold more than one billion XRP coins between 2014 and 2019 as we are reading more in the XRP price news today.

The analysis by the blockchain monitor Whale Alert suggested that Ripple’s Jed McCaleb, has another 4.7 billion XRP left to sell which is about 5 percent of the total supply. Looking at the XRP price news, the hoard is now worth more than one billion US dollars, so Whale Alert estimates that he has made the money via XRP sales to date.  McCaleb sold another 19 million or about $4.13 million worth of coins last month and Whale Alert believes that this rate could increase this year because of the agreements limiting the XRP sales will expire:

“At the current rate it would take him around 20 years to sell all of it, however, his activities have been limited by the settlement agreement with Ripple, which is likely to expire sometime in 2020.”

Some of the XRP holders took it to twitter:

 “We didn’t want to alarm people, but I hope they now have a better view of what’s going on.’’

Whale Alert monitors all of the blockchains and issues notifications on Twitter and Telegram about these kinds of large movements of crypto. The watchdog posted the addresses that eventually turned out to be the ones of Jed McCaleb which it traced via the information on his blog and forum posts and also the public ledger:

“By analyzing over 90,000 transactions we were able to track around 8 billion XRP to Ripple, a settlement account and his personal accounts from which he actively sells.”

According to the addresses, he had sold off the 1.05 billion XRP through the bitstamp crypto exchange. Whale Alert was unable to definitely say whether McCaleb’s sales affected the XRP price but said that he is adding a net amount available because he is exclusively selling XRP. McCaleb is a very important figure in crypto history since he created the Mt.Gox exchange and co-founder Stellar. He also founded OpenCoin in 2012 which later became Ripple and was allocated 9.5 million coins when the 100 billion supply was pre-mined.

The XRP price dropped by 40 percent in the 24 hours after the announcement of his intention to sell all of his holdings in 2014. He then negotiated a seven-year agreement with the platform that limited monthly sales which allow him to sell one billion coins in the sixth year of the agreement and two billion in the seventh.