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54 Million XRP Sold in April by Jed McCaleb, Ripple Co-Founder

Jed McCaleb, a co-founder of Ripple, has recently sold more than 54 million in XRP in April this year. According to his wallet activity, the man still has billions left to sell as well.

McCaleb Liquidating XRP Holdings

When one analyzes McCaleb’s known wallets, it shows that he had sold off a minimum of 54 million XRP within the month of April. This was concluded thanks to data provided by bithomp, an XRP ledger explorer, that tracked the transactions of McCaleb’s known addresses.

With the data provided by bithomp, it can be concluded that McCaleb is liquidating his token supply on the regular. The data revealed that the addresses McCaleb supposedly uses to sell XRP have recently received 1.8 million tokens every day in the month of April, on average. This totals to 54,215,405 XRP which, at the time of writing, totals to approximately $11.5 million

McCaleb stands as a figurehead within the history of cryptocurrencies as a whole. He was the one who created the Mt. Gox exchange, as well as being the co-founder of the Stellar network. Further accomplishments consist of co-founding OpenCoin back in 2012, which later became Ripple as we know it today. For his services, he was allocated 9.5 billion XRP when the total supply of 100 billion was pre-mined

Whales Holding Massive Sway

With such a large supply of coins, it was natural that controversy would spawn when McCaleb announced his intent to sell a portion of his XRP holdings. The announcement itself caused the token’s price to fall a staggering 40% within 24 hours. With this announcement, McCaleb has negotiated a seven-year agreement with Ripple, wherein he will limit both his monthly and annual sale of his XRP holdings.

Back in February of this year, it was revealed that the Stellar CTO still holds billions of XRP within his Ripple wallets, almost 4.7 billion XRP in February. When the apparent concerns were raised as to how his behavior might influence the XRP price as a whole, McCaleb did his best to assure the XRP community that he had no plans of negatively impacting XRP. As such, McCaleb stated that he would sell his XRP at a steady, slow pace so as not to topple the market with a rapid oversupply.

Thinking Long Term

People like McCaleb need to be careful as to how they handle their holdings. He holds enough XRP to crash the market completely should he decide to sell all of his supply in one clean go. Luckily, it seems that McCaleb has no interest in doing that, letting him earn more money through his holdings overall and not bankrupting the companies leveraging XRP at this time. It’s a sound system, one that will ensure mutual profits for people that buy Ripple, in the long run.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.