Whale Alert, the tracker of large transactions of cryptocurrencies from and to exchanges, has spotted several large XRP transactions over the past couple of hours.
Among these huge transactions was the movement of 304,635,504 XRP from Ripple to its co-founder, Jed McCaleb.
Ripple Co-Founder Receives another Lump from Ripple
Jed McCaleb, who co-founded Ripple Labs in conjunction with Chris Larsen and was its first CTO before David Schwartz, has received another XRP lump from Ripple—304,635,504 coins—which worth $121,678,911 at the time when the transaction was performed.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 304,635,504 #XRP (121,678,911 USD) transferred from Jed McCaleb Settlement to Jed McCaleb wallet
— Whale Alert (@whale_alert) February 1, 2021
Jed McCaleb left Ripple in 2013 over certain discrepancies with the rest of the top management team and, since then, has been receiving large XRP payments. McCaleb left to found a rival blockchain company, Stellar, also targeting financial institutions for the use of its native XLM token.
According to data published in December 2020, at that time, the total estimated holdings and profits of the Ripple cofounder, in XRP, amounted to $1.2 billion.
After suspending his XRP sales at the end of December, when the SEC sued Ripple over sales of “unregistered securities”, McCaleb has recently resumed cashing out his XRP stash.
He was concerned about the fact that current CEO Garlinghouse and former CEO Chris Larsen are also targets of the SEC lawsuit. As mentioned above, Larsen founded Ripple together with McCaleb.
Jed McCaleb Will Be Selling 12,693,308.88 XRP per Day until Saturday
According to the crypto researcher at XRP Arcade, Leonidas Hadjiloizou, the former Ripple CTO, Jed McCaleb is liable to sell 12,693,308.88 XRP per day until Saturday 6th February 2021.
According to Hadjiloizou, McCaleb sold 17,169,607.54 XRP per day between 24th January and 30th January 2021. So, due to the recent increase in XRP volumes, there is a possibility for an increase in his selling rate in the coming weeks.
Leonidas Hadjiloizou, “Jed will be selling 12 693 308.88 XRP per day up until Saturday, February 6th. For the previous week (Jan 24 – Jan 30) he was selling 17 169 607.54 XRP per day. This latest increase in volume is bound to increase Jed’s selling in the upcoming weeks, probably in mid-February.”
Jed will be selling 12 693 308.88 XRP per day up until Saturday, February 6th.
For the previous week (Jan 24 – Jan 30) he was selling 17 169 607.54 XRP per day.
This latest increase in volume is bound to increase Jed's selling in the upcoming weeks, probably in mid-February. pic.twitter.com/QDXIh7At2X
— Leonidas Hadjiloizou (@LeoHadjiloizou) January 31, 2021