The Ripple ex-CTO Jed McCaleb continues to sell lumps of XRP and converting the crypto to fiat. Several have noticed that he has been selling huge amounts of the token in the last seven days, with a total amount exceeding 108.3 million tokens through his “Tacostand” wallet.
Data obtained from XRPscan showed Jed McCaleb’s activities in the last seven days has made several transfers from his “Tacostand” XRP wallet. Notably, Jed McCaleb is also known as the co-founder of Ripple along with Chris Larsen, who is the current Chief technical officer of the company.
Half of the said transactions were done at 13 million XRP each, while the other half were 18 million XRP worth transactions. The 108.3 million transfers last week equates to over $50 million at the present price of the coin at $0.47. Reportedly, Ripple sent the ex-CTO a whopping 672,974,493 XRP tokens; this once amounted to around $270 million in fiat.
Caption: Jed McCaleb continues his high-profile XRP dump, sold another 108.3M
This leaves McCaleb with 527 million XRP tokens left. The exact number is thought to be 536,996,596.086819 XRP based on the balance shown by the “Tacostand” wallet McCaleb owns. However, the crypto community believes that Jed McCaleb still has around three billion XRP left, and most onlookers and analyst expects that he will be selling all of it by the end of the year.
McCaleb left Ripple in 2013 after certain disagreements with co-founder Larsen. He was entitled to compensations after helping found the company and serving as its CTO in its early days. Thus, Ripple agreed to pay out billions of XRP to McCaleb.
However, this amount was sent to him in lumps to prevent him from dumping all his tokens and crashing XRP. Lucky for XRP Holders, McCaleb’s regular sales do not impact the exchange rate of the XRP. In comparison, the lawsuit from the SEC has been more impactful on the price of the cryptocurrency.