Fun

Jed McCaleb Sells $22 Million Worth of XRP, Ripple Cofounder’s Stash Could Run Dry by May

News Feed - 2021-02-15 07:02:31

Jed McCaleb Sells $22 Million Worth of XRP, Ripple Cofounder"s Stash Could Run Dry by May


During the last few weeks, the former Ripple executive Jed McCaleb has reportedly been selling millions of XRP tokens and every sale has been monitored by the public. On Sunday, McCaleb dumped another 38 million XRP worth $22 million after selling 95 million XRP last week worth $56 million today. Ripple Cofounder Sells 38 million Coins on Valentine’s Day


The cofounder and former Ripple executive, Jed McCaleb has been a topical conversation in recent days since the founder has been selling a lot of XRP. News.Bitcoin.com has been covering a number of McCaleb’s XRP sales in December 2020 and into January 2021.


During the month of February, it has been no different, as reports have been showing McCaleb’s alleged wallet called ‘Tacostand’ making regular sales. In our last report, news.Bitcoin.com explained that the analyst Leonidas Hadjiloizou has been monitoring McCaleb’s XRP sales and tweeting about the dumps regularly.


On Sunday, February 14, otherwise known as Valentine’s Day, McCaleb sold even more XRP. The website called xrpscan.com shows that the former Ripple executive’s ‘Tacostand’ wallet sold 38 million XRP worth $22 million. Hadjiloizou tweeted about this event, and he believes that McCaleb will be selling more this week.


Hadjiloizou said: Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268 million XRP or $166M at current prices in 1 week. At this rate, his 2.896 billion XRP would run out by May. At half that rate (19M per day) he would run out by mid-July. At 10M per day by the end of the year. $1.22 Billion Worth of XRP Sold in February


McCaleb’s sales have followed the recent issues the company Ripple Labs has been facing with U.S. regulators. Hadjiloizou noted that “Jed’s Tacostand had paused XRP sales ever since the SEC lawsuit was announced.” But then the Tacostand address began selling again shortly after.


Moreover, in the case of Bradley Sostack vs. Ripple Labs, the plaintiff Sostack has filed a motion to compel Ripple to produce improperly withheld email communications between the company and the U.S. Securities Exchange Commission (SEC).


During the first two weeks of February, McCaleb has kept the sales going, while XRP has also seen a price spike in the last fourteen days. Before Sunday’s 38 million XRP sale, McCaleb dumped 95 million XRP last week, and 76 million XRP the week prior. That’s just a touch over $1 billion using today’s XRP exchange rates. McCaleb is also a notable crypto-billionaire and one of the top 100 wealthiest individuals on earth.


What do you think about Jed McCaleb’s recent sales and the legal troubles Ripple has been dealing with in recent times? Let us know what you think about this subject in the comments section below. Mysterious Address With $3 Billion in Dogecoin Sends Cryptic Binary Messages to Elon Musk ALTCOINS | 3 days ago Elon Musk Shoots Down Crypto Wallet App Freewallet After It Tried to Ride His Dogecoin Fame ALTCOINS | 4 days ago Tags in this story billionaire, Bradley Sostack, Cryptocurrency, Jed McCaleb, Lawsuit, Leonidas Hadjiloizou, Ripple, Ripple Labs, SEC, Tacostand, Valentine’s Day, XRP, XRP sales


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

The global financial system is the 'net new buyers' this cycle — Chainlink founder
Ciaran Lyons3 hours agoThe global financial system is the "net new buyers" this cycle — Chainlink founderChainlink founder Sergey Nazarov pointed out the significant new crypto buyer group while eyeing off the next dev
Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed
Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and
House Republicans Demand Answers From SEC Over FTX Co-Founder’s Arrest
House Republicans Demand Answers From SEC Over FTX Co-Founder"s Arrest On Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members o
Brayden Lindrea7 hours agoCanto, Astar blockchains plan expansion to Ethereum ecosystem as layer 2sBy inheriting Ethereum’s security, Canto will be more decentralized and will enable trustless guarantees when bridging
Australia tries again to combat ‘future sectors’ crypto scams
Arijit Sarkar2 hours agoAustralia tries again to combat ‘future sectors’ crypto scamsThe “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and priv
Tom Mitchelhill6 hours agoAave Protocol launches stablecoin GHO on Ethereum mainnet, $2M mintedDecentralized finance protocol Aave has finally launched its new algorithmic dollar-pegged stablecoin GHO on Ethereum.4946 To
Chinese Tech Giant Tencent to Shut Down NFT Platform Amid Trading Restrictions
Chinese Tech Giant Tencent to Shut Down NFT Platform Amid Trading Restrictions China’s Tencent Holdings plans to shut down its non-fungible token (NFT) platform Huanhe only
India Seeks Common Crypto Framework for All Countries to Deal With ‘Many Collapses and Shocks in Cryptocurrencies’
India Seeks Common Crypto Framework for All Countries to Deal With "Many Collapses and Shocks in Cryptocurrencies" India’s finance minister, Nirmala Sitharaman, said during her o
Blockchain has a role to play in countering the ill effects of AI
Dean Ball8 hours agoBlockchain has a role to play in countering the ill effects of AICryptocurrencies struggle to interact with regulatory and financial systems that were not designed for them, but they complement AI.336
Bitcoin Mining Difficulty Parameter Set to Increase for the First Time in 8 Weeks
Bitcoin Mining Difficulty Parameter Set to Increase for the First Time in 8 Weeks Bitcoin’s hashrate has slowly crept back up between 85 exahash per second
Jesse Coghlan7 hours agoCircle CEO spells doom scenario for US dollar in warning to CongressJeremy Allaire claimed the U.S. dollar is “under threat” and urged lawmakers to pass stablecoin regulation to “build trust
DeepMind CEO says Google to spend more than $100B on AGI despite hype
Tristan Greene6 hours agoDeepMind CEO says Google to spend more than $100B on AGI despite hypeDemis Hassabis previously compared crypto and AI, saying both had a problem with hype and scams.672 Total views8 Total sharesL