Ripple’s former CTO Jed McCaleb’s Ripple (XRP) wallet has dropped below 50 million. If the famous executive continues with the same selling rate, the altcoin stash will be completely empty in nine days.
Jed McCaleb is in full swing with his XRP sales
According to recent sources, with the current daily sales of XRP from Ripple’s former Chief Technology Officer (CTO) Jed McCaleb, his stash will be completely empty in nine days. The famous executive currently owns only 45 million XRP. A Twitter crypto follower shared the following on the subject:
Its current daily sales Jed’s XRPs are on their way to fully expiring in 9 days. He currently only has 45 million XRP left.
Jed McCaleb is the co-creator of Ripple Labs and a former Ripple CTO. The famous executive is actively selling XRP. The data shows that there is a deadline for it to finish off XRP if it continues at this rate.
The story of a former Ripple CTO’s XRPs
McCaleb was a member of the core team responsible for the creation of Ripple in 2013. However, he finally parted ways with the company the following year, 2014. He then launched another altcoin project known as Stellar (XML). Before leaving the firm, Ripple rewarded him with around 9 billion XRP tokens.
cryptocoin.comAs you follow, there were rumors in February of 2021 that McCaleb was selling a significant amount of XRP. According to XRPscan, McCaleb’s ‘Tacostand’ wallet sold 38 million XRP, or $22 million, on February 14. If the selling rate stays the same as when it started, McCaleb’s stock of XRP is assumed to be depleted by May 2021. Meanwhile, sales did not continue at that pace and McCaleb still has 45 million XRP in his wallet. That amounts to just over $14 million at the moment.
Altcoin price movements
He had a deal with Ripple Labs that required him to freeze crypto assets to reduce XRP’s volatility. During this period, McCaleb was prohibited from selling XRP tokens. For example, when McCaleb sold $1.22 billion in XRP in February of last year, it was clear how much of an impact this had on the price of XRP.
Four days after recovering from $0.28, its lowest level since January 2021, the XRP price rose roughly 30% on June 24. According to the latest analysis, the token is likely to reach $0.41 in the next phase of the pullback recovery. At press time, XRP is trading at $0.3251, up 0.23% on a daily basis, according to data from CoinMarketcap. However, the altcoin has lost more than 5% on a weekly basis. The altcoin, which is in the 7th place in terms of market value, is 91.5% away from the ATH level of $ 3.84.
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