- According to a report, Jed McCaleb still has 4.7 billion XRP left to sell.
- McCaleb has sold 19 million XRP in the last month alone.
Co-founder of Ripple and Stellar, Jed McCaleb, has sold 1.05 billion XRP from 2014 to 2019. McCaleb’s digital assets are compensation for his previous role at Ripple. A legal battle with Ripple took place in 2016 regarding how much XRP he was selling. Later, both the parties agreed to allow McCaleb to sell a remaining 5.3 billion XRP at a rate as high as 1.5% of the average daily volume of the digital asset.
Data by blockchain monitor Whale Alert shows that McCaleb has 4.7 billion XRP left and that he has released 19 million XRP onto the open market last month alone. Concerning the effect his sales have had on the prices of XRP, Whale Alert said that in comparison to the trading volume of all XRP on the market, McCaleb’s sales seem insignificant.
Compared to the total trade volume per day, the amount he is selling seems insignificant. For instance, from the 1st to the 7th of June 2017, he sold a total of 2.5 million XRP for $741,000. The total trade volume that week for the XRP/USD pair on Bitstamp alone was 127 million XRP, but volume is not a good indicator for how much the market can absorb…
The real question is how much effect McCaleb has on the net amount of XRP available. Even though we do not yet have enough data to make a conclusive statement on this, we can determine that, because he is exclusively selling XRP, he is adding to the net amount available.
Whale Alert also said that McCaleb exclusively sells his XRP on Bitstamp and converts it to cash. He does not appear to be trading his XRP for other crypto assets.
Share
