Jed McCaleb Sell-Off Around 54 Million XRP in April

Vandana  |  May 4, 2020, 9:22 am
Jed McCaleb Sell-Off Around 54 Million XRP in April

Jed McCaleb, the co-founder of Ripple, has sold a huge amount of XRP in the previous month. It has been revealed that he has sold around 54 million XRP in the month of April. Through his wallet activity, it also came out he still has a billion of them still left.

McCaleb liquidated his supply of tokens regularly 

TheCryptoAssociate has published a report on May 02 in which it has been stated that McCaleb has liquidated the supply of tokens on a regular basis. It has also been specified that his wallet has received around 1.8 million token daily on an average. If you see the total of the whole month of April then it has reached around 54,215,405 XRP that is $11.7 million.

Not only Ripple, but McCaleb has associated with many other things also. Earlier he had created Mt. Gox Exchange and was also a co-founder of Stellar. Back in 2012, he co-founded OneCoin which later turned out to be Ripple. It has allocated around 9.5 billion XRP and during that time, there was a pre-mined supply of 100 billion.

Large coin supply led to controversy 

Earlier McCaleb has announced selling XRP and the large supply of coins has led towards a controversy. As soon as he declared selling his XRP, the price of the token fell by 40% that too within a day. After this, he entered into an agreement with Ripple which lasted for seven years. Through this agreement, his monthly and annual sales of XRP was limited to an extent.

It has been reported that McCaleb is still holding billions of XRP tokens within his wallet. A lot of people are concerned about it because his actions might lead to a fall in the price of XRP. However, he has clarified that he will be selling his token very slowly because he clearly does not want to affect the price of the token negatively.

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