Another 60 million XRPs were sent to Ripple’s former co-founder Jed McCaleb’s wallet today. This is 17 million 500 thousand dollars at current prices.
Sixty million XRPs were sent to the wallet of Jed McCaleb, who once headed Ripple but left in 2014 due to a dispute with Chris Larsen, who created XLM and is now Stellar Lumens’ CTO.
McCaleb had received 9 billion XRP compensation that the founders were entitled to receive at the time. However, in order to prevent a sales-induced market collapse, the parties agreed in February 2016 to make the payments piece by piece.
Since then, McCaleb has been buying a large amount of XRP into his wallet from time to time. The last of these payments was made just a few minutes ago. 60 million XRPs reserved for McCaleb were sent to his personal wallet. These XRPs are worth about 17 million 500 thousand dollars at current prices.
Can sell up to 1.5 percent of XRP volume
Under the initial deal, McCaleb could sell no more than 0.5 percent of its XRP volume on a daily basis. This percentage increased to 0.75 percent in the 2nd and 3rd year. In the 4th year, it was 1 percent. In the period after the 4th year, and McCaleb would be able to sell 1.5 percent of the daily XRP volume.
Sales have exploded
The 4-year period expired last February, and there has been a significant increase in McCaleb’s sales since then. Ripple’s co-founder sold an average of 350,000 XRP daily in 2018, while it was 480,000 in 2019. In 2020, it sold an average of 1 million 850 thousand XRP per day.
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