Ripple Co-founder Sold 1.8 Million XRP a Day in April
Summary
- Ripple co-founder Jed McCaleb sold 1.8 Million XRP a day in April
As part of a longstanding agreement following a lawsuit, Jed McCaleb receives millions of XRP a month from Ripple. He just received 55 million XRP for this month.
McCaleb is known for selling his large stacks of XRP. However, it was unclear exactly how much he was selling. McCaleb is the founder of Stellar Lumens and the infamous Mt.Gox. Stellar Lumens is a direct competitor to Ripple.
The Crypto Associate decided to analyze McCaleb’s sell history for April. In short, Ripple co-founder Jed McCaleb sold an average 1.8 Million XRP a day in April. This is equivalent to almost $400,000 of XRP a day.
McCaleb’s Sell History
In order to analyze McCaleb’s sell history, we took a look at his wallet (we used the latest settlement transaction to find the wallet), which currently holds over 76 million XRP.
We noticed that most outgoing transactions have the same destination wallet. Specifically, a Bitstamp exchange address. When analyzing the exchange wallet we saw that the XRP was being traded to USD. The wallet currently holds over $8 million in USD.
According to the data, McCaleb sold an average of 1,807,180 XRP a day in April.
What This Means for Ripple’s XRP
McCaleb’s wallet still holds over 76 million XRP with millions added in settlement payments added every month. While his XRP sell-offs decreased in 2019, it looks as if McCaleb is back and selling XRP in large masses.
However, due to Ripple XRP’s massive market cap, McCaleb’s sell-offs may not actually affect the coin in a negative way. According to CoinMarketCap, the 24-hour volume for RP is well over $2 billion.
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