In the last weeks, former Ripple executive Jed McCaleb has been selling XRP tokens by the millions, and the cryptocurrency industry has closely followed every sale. On February 14, McCaleb sold another 38 million XRP tokens for $22 million. Last week he sold 95 million XRP tokens, valued at $56 million today.
The cofounder has been a person of interest for the people involved in the market, especially after the numerous high profile XRP dumps he made from December 2020 until as recently as last Sunday. McCaleb’s alleged wallet called ‘Tacostand’ has been seen making regular sales as seen by analyst Leonidas Hadjiloizou who has been monitoring McCaleb’s XRP sales and spreading the information through Twitter.
The most recent update from the analyst says McCaleb sold even more tokens. He tweeted about XRP sales valued at $22 million, and he believes that the former executive will continue selling throughout the week.
The two factors people consider when deciding to sell their investments
Analyst Hadjiloizou said that Jed would be selling 38,345,406.53 XRP per day this week. In total, this should amount to 268 million XRP valued at $166 million based on the current price of the token. He also said that if McCaleb continues on this selling path, his stockpile of XRP, thought to be around 2.896 billion tokens, will run out around May this year.
These sales are followed by the recent issues that McCaleb faced when the U.S. regulators sued Ripple Labs and two of its executives earlier this year. The ‘Tacostand’ wallet stopped selling at the height of the issue but continued shortly after, Hadjiloizou noted.
In February, McCaleb kept selling XRP right around when the token saw a new price spike. Before the Sunday sale, McCaleb already sold a total of 171 million XRP in the last two weeks.
These sales are just a small part of the token’s value, with it being worth well over $1 billion. It should also be noted McCaleb is a well-known billionaire who made most of his money through cryptocurrencies, making him one of the wealthiest individuals on the planet.