Ripple Co-founder Jed McCaleb Sold XRP Worth $400 Million in 2020

Jed McCaleb, one of the co-founders of the Ripple project, has sold 1.2 billion XRP in 2020 for over $400 million with an average sale price of $0.34 per XRP.

January 07, 2020 | AtoZ Markets – During the 12 months of 2020, Jed McCaleb, one of the co-founders of the Ripple Lab project and its former CTO, sold XRP cryptocurrency for a total amount of $411million. This amount represents almost 3% of the current market capitalization.

XRP sales by McCaleb – Whale Alert

Jed McCaleb consistently dumps XRP tokens

As a former CTO of Ripple Labs, McCaleb should have received around 9 billion XRP, according to Whale Alert. He currently left the project and is a CTO The Stellar Foundation has continued to dump its XRP tokens all this time.

For anyone who has long watched McCaleb consistently dumps XRP tokens, it should come as no surprise that he decided to ditch the coins amid hard times for the project.

Ripple Labs has been bogged down in lawsuits since the beginning of 2020 and has repeatedly complained about too aggressive regulation by the American authorities. By the end of the year, it all ended with a lawsuit by the US Securities and Exchange Commission (SEC) against Ripple.

Read also: Investor Tetragon Sues Ripple Over SEC Lawsuit

However, some XRP investors did not sit back but retaliated by filing a counterclaim against the SEC and accusing the regulator of causing “irreparable damage.” A similar petition by XRP defenders to the White House launched on December 29, has already collected over 37,000 signatures.

According to some community members, McCaleb’s sales, taking place against the backdrop of the lawsuit between the SEC and Ripple, only exacerbate the project’s problems. Recall that the regulator’s accusations, according to which XRP is not a currency like Bitcoin or Ethereum, but a security, have already cost Ripple dearly. Due to these allegations, the token has lost more than half of its market capitalization.

XRP is gradually recovering

At the time of writing, XRP is gradually recovering while trading at the $0.35 level, up 43.08% in the last 24 hours. Nevertheless, its growth rate is still incomparable with the scale of the rally of other cryptocurrencies.

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