Ripple’s former Co-Founder “unloads,” continuously putting pressure on XRP

The co-founder and first technology director of the Ripple Labs project – Jed McCaleb, has been continuously “draining” a large amount of his Ripple token since the beginning of this year, after pausing the sale of the coin last September.

According to the shared data from XRPscan, the platform is entirely focused on their transactions showing that Jed McCaleb started to go back to selling the rest of his vast amount of stock earlier this year after “not discharging” any of its stock in Q4/2021. Since January of this year, Jed has sold about 463.8 million XRP, equivalent to 186,790,421 dollars at the current price.

Each week, the water sold is very different, from 18 million to 26 million and 42 million, respectively. A Twitter user named “Rafael Ken Aguilar” pointed out that Jed had increased its sales volume by about 140% in the last three days, selling nearly 9 million and half a day, while before that, it was 4-6 million. If this “flush” rate persisted, it would only take a month for Jed to push all of the water out of his wallet.

Jed currently has 249,200,734XRP remaining in his wallet, known as “tacostand.”

249,200,734XRP is left of the 9 billion in Ripple given to Jed in parts when he left the company after a year of establishment to build the Stellar Lemens blockchain (LXM). By Q3/2021, Ripple officially announced the transfer of the final amount of XRP to Jed. This means that the above-mentioned 249,200,734XRP is the last source of assets that Jed can sell in the coming time as well as there will not be any arrears between the parties. As a result, the pressure to sell the XRP will be somewhat reduced.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

CoinCu News

KAI