In the past few weeks, former Ripple manager Jed McCaleb has reportedly sold millions of XRP tokens, and every sale has been monitored by the public. On Sunday, McCaleb dumped an additional $ 22 million worth of XRP after selling 95 million XRP worth $ 56 million last week.
Ripple Cofounder sells 38 million coins on Valentine’s Day
Co-founder and former Ripple manager Jed McCaleb has been a hot topic for the past few days since the founder sold a lot of XRP. News.Bitcoin.com covered a number of McCaleb’s XRP sales in December 2020 and through January 2021.
In February, it was no different, as McCaleb’s alleged wallet called “Tacostand” is reportedly being sold on a regular basis. In our last report, news.Bitcoin.com stated that analyst Leonidas Hadjiloizou is monitoring McCaleb’s XRP sales and regularly tweeting about the dumps.
On Sunday, February 14th, also known as Valentine’s Day, McCaleb sold even more XRP. The website, named xrpscan.com, reveals that the former Ripple manager’s ‘Tacostand’ wallet sold 38 million XRPs worth $ 22 million. Hadjiloizou tweeted about the event and he believes McCaleb will be selling more this week.
Hadjiloizou said:
Jed will be selling 38,345,406.53 XRP per day this week. That equates to roughly 268 million XRP, or $ 166 million at current prices, in a week. At that rate, his 2.896 billion XRP would run out by May. He’d run out at half that rate (19 million per day) by mid-July. By the end of the year at 10 million a day.
$ 1.22 billion worth of XRP sold in February
McCaleb’s sales followed recent problems that Ripple Labs faced with U.S. regulators. Hadjiloizou noted that “Jed’s Tacostand had interrupted XRP sales since the SEC lawsuit was announced.” But shortly afterwards the Taco stand address began to sell again.
Additionally, plaintiff Sostack has filed a motion in Bradley Sostack’s case against Ripple Labs to force Ripple to establish improperly withheld email communications between the company and the US Securities Exchange Commission (SEC).
For the first two weeks of February, McCaleb kept sales going, while XRP also saw prices soar over the past fortnight. Before selling 38 million XRP on Sunday, McCaleb dumped 95 million XRP last week and 76 million XRP the week before. At today’s XRP exchange rates, that’s just a touch of over $ 1 billion. McCaleb is also a notable crypto billionaire and one of the 100 richest people in the world.
What do you think of Jed McCaleb’s recent sales and the legal issues Ripple has been dealing with lately? Let us know what you think on this matter in the comments section below.
Tags in this story
Billionaire, Bradley Sostack, Cryptocurrency, Jed McCaleb, Lawsuit, Leonidas Hadjiloizou, Ripple, Ripple Labs, SEC, Taco Booth, Valentine’s Day, XRP, XRP Sales
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on the content, goods or services referred to in this article.
