His XRP burns his fingers – We don’t stop Jed McCaleb anymore. The billionaire continues to liquidate his XRP at breakneck speed. The former founder of the Ripple project got rid of a considerable amount of the interbank token during 2020, and it doesn’t look like it will stop.
1.2 billion XRP liquidated in 1 year
Analysts Whale Alert, specializing in large whale blockchain transactions, recently updated their count of XRP sales by Jed McCaleb.
Remember that this former founder of Ripple left this company definitively in July 2013, before creating the project open source Stellar (XLM) in 2014 – which seems rather to have been a good choice.
Coming back to the sales estimates scanned by Whale Alert, Jed McCaleb would have sold no less than 1.2 billion XRP over the year 2020, for a total value of $ 411 million, i.e. an average selling price of 0,34 dollar by XRP.
To give you an idea of the strong acceleration of its liquidations during the past year, the current CTO of Stellar had previously sold only 1 billion XRP for $ 135 million of XRP from 2014 to 2019 inclusive, i.e. 6 years.
Still several billion XRP to sell
Although his XRP has already earned him over half a billion dollars (546 million exactly), Jed McCaleb is far from finished with the interbank token.
Indeed, with the other founding members of Ripple, they have granted huge amounts of XRP. By the time Jed McCaleb left the company, he owned nearly 10% of the total quantity existing XRP, or 9.5 billion of units.
Even if, following a long lawsuit with his former company, he cannot contractually resell “that” up to 1.5% of global XRP trading volume every day, he does not deprive himself of it for a second.
We can thus see, on his XRP address, which McCaleb liquidated about 11 million XRP every day last month. Well, at least, until 23 december. Why this date? Christmas probably wouldn’t have it not stopped, but the decision of the Securities and Exchange Commission to classify, that day, the XRP as a security had to raise the eyebrows of his legal advisers.
How long will this pause Jed McCaleb’s XRP sales? Know in any case that it remains, at the very least, in the 7 billion units which it would still have to get rid of, and that its contractual agreement of sale concluded with Ripple runs until… 2023.