Former Ripple (XRP) Chief Technology Officer (CTO), Jed McCaleb, has sold another large amount of XRP. Over the past 10 days, it is said to be about 140 million XRP worth around $ 195 million. Why is McCaleb doing this and when is he going to stop?
McCaleb is a big personality in the crypto world. The man is co-founder of Ripple, Stellar (XLM) and the well-known cryptocurrency exchange Mt. Gox (which no longer exists). In 2013, McCaleb left Ripple after disagreements about the future of the project. He got quite a golden handshake as he left.
He received 9 billion XRP as a reward for his work at Ripple. Via the well-known “taco stand” wallet, he consistently sells XRP and cashes a nice amount at the current prices. Part of the agreement between him and Ripple, however, is the condition that he does not dump everything at once. This is to prevent large price fluctuations.
In the past few days, he sold 140 million XRP worth $ 195 million. This leaves 453.8 million XRP in his wallet. His wallet is estimated to be empty at the current sales rate in August or September.
McCaleb does not seem to let grass grow about it. XRP could experience potentially high volatility once it becomes clear whether Ripple loses or wins the lawsuit against the Securities and Exchange Commission (SEC). Whether this is also the reason that he continues to sell is not known.