- Ripple co-founder Jed McCaleb might dump nearly 3 billion of the tokens by May this year.
- Recently, he dumped 40 million XRP from his “tacostand” wallet adding to the $400 million worth of XRP sold in 2020.
- XRP holders are now frustrated as McCaleb continues to dump the token.
- McCaleb continues to sell XRP despite the SEC lawsuit.
Former Ripple CTO and co-founder Jed McCaleb could dump 3 billion XRP by May 2021. Recently, he dumped 40 million XRP from his “tacostand” wallet. Additionally, he sold off $400 million in XRP in 2020.
Notably, McCaleb left Ripple to create Stellar (XLM). Stellar is a clone of Ripple. In retrospect, McCaleb had a long string of bad ideas that Ripple’s board of directors refused to implement. Hence, he founded Stellar based on the ideas.
In detail, McCaleb is going to dump all his XRP holdings by the end of the year. More so, this could happen as soon as May 2021. Currently, McCaleb holds 2.89 billion XRP.
McCaleb Could Be Looking To Dump All His XRP
Leonidas Hadjiloizou, an avid follower of XRP data, has provided some calculations on how McCaleb could dump his XRP.
Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268M XRP or $166M at current prices in 1 week.
At this rate, his 2.896B XRP would run out by May.
At half that rate (19M per day) he would run out by mid-July.
At 10M per day by the end of the year. pic.twitter.com/ZxdmlXDvMR
— Leonidas Hadjiloizou (@LeoHadjiloizou) February 14, 2021
McCaleb had originally halted his XRP sales in late December following the US Securities & Exchange Commission’s (SEC) lawsuit against Ripple and its co-founders. However, he immediately disregarded the SEC charges in January and resumed selling his XRP holdings.
Recently, McCaleb sent around 40 million XRP to be sold from his “tacostand” wallet. In fact, the current balance of Jed’s wallet totals 499,599,172.60537 XRP.
More so, McCaleb said he sold over $400 million worth of the token in 2020 alone. McCaleb was approximately selling over 28.6 million XRP or $8.58 million daily in the previous year.
Notably, McCaleb owns a lot of XRP. This results from Ripple’s compensation for him in XRP for his help as Ripple’s co-founder and first CTO. In detail, Ripple has been regularly conducting payments to McCaleb. As a matter of fact, Whale Alert spotted the recent one being 304,635,504 XRP, which equals $121,678,911 at the time when the transaction was performed.
Furthermore, the possibility of the Ripple co-founder dumping nearly 2.89 billion coins over the course of several weeks could push prices down dramatically. Additionally, many companies have delisted the token. As per Coingecko, XRP is now trading at $0.558264.
Currently, Ripple is faxing a lawsuit against the SEC. However, Ripple flatly denies the allegations, claiming that XRP does not classify as a security.