Ripple Labs Co-Founder Jed Mccaleb Dumps 222.6m XRP in a Fortnight

Co-founder and Former CTO of Ripple labs, Jed McCaleb has cashed out 222.6 Million XRP in the past two weeks.

According to data from XRP Scan reveals, Co-founder Jed McCaleb has moved another large sum of 222.6 Million XRP worth $115,633,766  from his wallet in the past 16 days.

Over a period of 2 weeks, 16 lumps of XRP have been moved in two groups. Each group carrying 18.5Million and 9.2 Million XRP payments each.

Also Read : ‘Relist XRP’ Trends With the SEC’s Clarity on the Crypto Exchanges

The co-founder has been making frequent cashouts in chunks, the recent ones are, On 12-15 February 114Million XRP, $135 Million in the first week of March, $152 Million in Mid March.

The remaining balance in the tacostand wallet totals 383,092,083 XRP tokens, in addition to this balance he is said to have 2 Billion XRP in cold storage. With frequent cashing out, it is anticipated that the entire  balance could  be drained out by the end of this year 

However, McCaleb’s periodic sales have not affected the tokens exchange rates, people believe his dumping will make way for others to hoard up from his stash of tokens.

He keeps getting portions of XRP’s at frequent intervals, by Ripple labs as a part of the settlement agreement signed after his resignation from the company in 2013. However, he is not allowed to dump a huge amount of XRP in the market, he can only sell them in small amounts.

Currently, Ripple Labs is currently facing a lawsuit filed by the US Securities Exchange Commission, for an allegation of unregistered token sales. The SEC has even accused Chairman Chris Larsen and CEO Brad Garlinghouse of personal involvement in the wrongdoing.