The co-founder of Ripple Network, Jed McCaleb, recently sold his XRP and compared to the year 2019, it has been increased by 13-folds.
In the year 2014, after getting into a heated argument with Chris Larsen, the co-founder of the Ripple Network, McCaleb left the company. Their conflict stimulated two major issues. i.e., McCaleb was allowed to sell XRPs endlessly and Ripple, itself started the sale of the token, which had a negative effect on the price of the XRP.
20 Billion XRPs Allocated To McCaleb
Notably, a total of 100 billion XRP was generated with the Ripple network and out of those 20 billion had been allocated to the head of the network, rest 80 billion were with Ripple for sale. After McCaleb’s resignation, he was compensated with 9 billion XRP.
Later, the network inked an agreement with McCaleb to manage the dumping market price of XRP, which was renewed in the first quarter of the year 2016.
The new agreement prepared by the Ripple network asserts that they would be donating 2 billion XRP to a charitable fund of their choice and the remaining would be secured in a conservative account.
Increase Average Sale Of XRP
According to the conservative account agreement, McCaleb and the DAF could make their maximum sale of 0.5 percent of XRP’s average daily volume. It has been stated in the agreement that in the second and third years the sale could be increased to 0.75 percent to 1 percent respectively.
Notably, in the fourth year, McCaleb and the DAF were allowed to sell their average daily XRP at 1.5 percent on a daily basis.
In February 2020, the first four years of the agreement has been completed, therefore, from now, McCaleb was allowed to sell his token with some increment. Also, the volume of XRP from the past is on the rise.
In 2018, McCaleb made an average sale of 346.087 XRP which by the year 2019 increased and reached 481.950 XRP. In the year 2020, McCaleb has made the sale of 1,862383 XRPs on a daily basis.