Thursday, April 15, 2021

Jed McCaleb Sold $411 Million Worth of XRP in 2020

According to data, 2020 was a prosperous year for the Ripple co-founder, Jed McCaleb, who is currently the CTO of Stellar Development Foundation.

Going by the data provided by Whale Alert, the blockchain huge transaction tracker, McCaleb cashed out a whopping $411 million worth of XRP in 2020.

Details of Jed McCaleb’s XRP Sale In 2020

All through 2020, McCaleb initiated the sale of 1.2 billion XRP at an average price of $0.34, which amazingly close to half a billion dollars.

Read Also: Jed McCaleb Initiates Record Selloff of His 3.8 Billion XRP after A Significant Rise in Trading Volume

The total sum cashed out by McCaleb reportedly represents 27% of his XRP holdings, which means his rate of sell-off drastically increases in 2020. Between 2014 and 2019, he reportedly sold relatively 1 billion XRP, compared to his selloff in 2020 alone.

Going by the estimations provided by Whale Alert, his current and liquidated holdings is approximately $1.2 billion, which places him on the list of the richest people in the crypto ecosystem.

McCaleb controversially received a co-founders reward of 9.5 billion XRP when he left Ripple Labs in 2014. During the same year, McCaleb signed an agreement with Ripple Labs that limited the amount of XRP he can sell per week in order to avoid negative pressure on the market.

Despite receiving widespread criticism, McCaleb has repeatedly sought to assure investors that his selling has not impacted the price of XRP. McCaleb’s agreement with Ripple Labs comes to an end in 2023.

On 1st January 2020, McCaleb received 477.7 million XRP from his settlement account with Ripple Labs. McCaleb’s associated wallet still holds 652.1 million XRP — worth approximately $147 million at current prices.

Read Also: CoinMetrics: XRP Whales Are Drastically Dumping Their XRP Holdings

In the original report on McCaleb’s XRP sales in February, Whale Alert warned of the potential risks associated with a single entity wielding such a significant economic influence over a project with which they are no longer involved:

“Whether or not you believe the future is bright for blockchains like Ripple, the economic power and consequences of whales like Jed McCaleb cannot be ignored…”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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