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Ripple’s Cofounder Jed McCaleb Sold 29 Million XRP Tokens Last Week

According to on-chain data analytics researchers, Jed McCaleb allegedly sold 29.5 million XRP in one day. McCaleb, one of the earlier investors on cryptocurrencies and a self-made entrepreneur, is now among the richest people on the planet.

Several investors got into the crypto economy’s history early, and Jed McCaleb is one of them.  He is an enigma and incredibly wealthy thanks to his early investments into the digital asset space, especially since he co-founded Ripple.

He is also considered the 40th richest person on the planet. It is estimated that McCaleb currently owns over $20 billion in digital assets; however, this estimate is solely based on his XRP token ownership. Other estimates show that when McCaleb founded “Opencoin,” eventually renamed to Ripple, he held 9 billion XRP tokens.

Recently, Leonidas Hadjiloizou, a researcher, shared data regarding McCaleb selling a large amount of XRP on December 6. XRP was trading at $0.59 to $0.62 per token on the said day. This makes the cofounder’s sale worth over $17 million. Before this dump, Hadjiloizou says that McCaleb was selling around 9 million XRP tokens daily.

“After selling 9.9 million XRP per day for a week, Jed was able to sell 29.5 million XRP today,” the researcher tweeted on Sunday.

Last February, another report published by Whale Alert, the blockchain analytics provider, indicates that researchers caught 100 million XRP tokens flow from Ripple to McCaleb’s known digital wallet in September 2019. They also reported that they managed to track the sales of 1.05 billion XRP between 2014 to 2019.

The researchers added that at an average sale price of 0.129 cents per XRP token, the total sale amounts to around $135 million. However, they updated this post not long after going public. The new post had this to say:

Update: We have calculated the sales of XRP by Jed McCaleb for 2020 up to August 3. During this period, an additional 375 million XRP have been sold through his accounts for a total value of $75 million.

McCaleb is not only famous for taking part in Ripple’s creation. The entrepreneur and programmer are also known for founding the infamous trading exchange Mt Gox when he sold to Mark Kerpeles. He was also the CTO (Chief Technical Officer) for Ripple until 2013. Before Mt Gox, he was known for making the peer-to-peer Edonkey 2000 application.

Besides being named Forbes’s 40th richest person in 2018, New York Times also awarded him one of the top ten individuals leading the “blockchain revolution.” If someone were to go through most of the articles on Google’s search results about McCaleb, most of them are likely about him selling XRP.

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Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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