Categories: Blockchain

Ripple co-founder Jeb McCaleb hasn’t released XRP in the past 3 months

According to website jed.tequ.dev Ripple co-founder Jeb McCaleb has not sold any XRP since the end of August. This is the longest period of time that he has not used up his XRP stocks.

The data shows that the last sale was 12 weeks ago when Jeb McCaleb transferred nearly 8.5 million XRP to Bitstamp for sale.

Source: jed.tequ.dev

The story behind Jeb McCaleb’s XRP dump

Jeb McCaleb is a prominent figure in the crypto industry, he co-founded Ripple in 2011 and at the same time Mt. Gox.

McCaleb was Ripple’s first CTO, but internal disagreements led him to leave the post in 2013. Kim, who was also an employee of Ripple Labs, had a rift and her departure caused him to lose interest in building Ripple.

In a blog post from October 2017, current Ripple CTO David Schwartz corrected himself and said McCaleb had wrongly betrayed his employees and investors. In a situation of betrayal, it is not uncommon for founders to be forced to leave.

However, at the time of his departure, McCaleb owned 9 billion XRP, and instead of letting him go with unrestricted access, Ripple negotiated an agreement stating how much he can sell to prevent the situation.

After allegedly breaking this agreement in 2016, a new agreement was renegotiated in which McCaleb would donate 2 billion XRP to charity, and Ripple would manage the remaining 5.3 billion as a percentage of the average daily trading volume.

No sale of XRP for 3 months

McCaleb’s “Tacostand” wallet analysis shows that the last payment of 174,862,720 XRP received from Ripple was on September 1st.

Source: xrpscan.com

The current inventory of the “Taco Stand” wallet is 709,911,488 XRP, which at today’s prices is worth about $ 731 million.

McCaleb has not sold any XRP since his last transfer on Aug. 31, leading to much speculation as to why he was not selling.

XRP’s performance since September 1st has stagnated somewhat. Since then, a local high of $ 1.39 has been reached on September 6th.

While a series of higher lows have raised hopes of a resurgence, XRP has been stuck in a tight trading range between $ 1.02 and $ 1.1 for the past week.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.