XRP dump: Jed McCaleb releases 28.6 million XRP into the market

  • Jed suspended sales for 25 days because of the SEC lawsuit
  • He is still left with 3.4 billion XRP

Jed McCaleb, who once worked with Ripple as CTO, is currently selling his crypto holdings amounting to 28.6 million XRP. That’s according to a tweet by one researcher named Leonidas Hadjiloizou. Apparently, the former CTO has resumed the sale of his stash. That’s after suspending the release 25 days ago following the decision of the US SEC to file a lawsuit against Ripple. The SEC accuses Ripple of transacting with crypto for the last 7 years, something that the oversight body says is illegal.

Past breaks

The recent suspension of sales by Jed isn’t the first. Prior to this, there was another instance when Jed paused his sales to give space for a charity organization to sell theirs. He had donated the sold crypto to the organization. Before the SEC lawsuit happened, Jed had sold off about 1.1 million XRP on December 23.

It happens that Jed McCaleb is not done with the sales yet. According to the researcher, it’s possible that he is planning to sell an additional 9.7 million coins. It’s not clear what effect this might have on the crypto’s market. At the moment, XRP is trading at around $0.29, having gained by 7.7% over the last 24 hours. The crypto now sits at position 5 with a total market cap of $13.8 billion and trading volume of $4.88 billion.

Jed has sold off most of his XRP stash

Jed McCaleb was one of the co-founders of Ripple and creators of XRP n 2012. Back then, the company was called OpenCoin. Jed no longer works for Ripple, and he has been actively selling his share of 9 billion XRP awarded to him at the time of his leaving.

To prevent a serious market dump that could adversely affect the crypto’s market price and reputation, Ripple inked a deal with Jed to sell his stash gradually. After years of sales, he is estimated to be left with around 3.4 billion XRP. It’s still unknown whether he plans to eventually empty the whole bag.

About the author