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Ripple Co-Founder Sold $500K a Day of XRP in May 2020
Ripple co-founder Jed McCaleb has sold $500k worth of XRP - roughly 2.7 million XRP - on average everyday in May 2020, according to data being released. The address in question shows sales of XRP in the range of 2 to 3.5 million XRP for almost every day in May.
McCaleb co-founded Ripple in 2013, having since left to start the Stellar Lumens (XLM) project, what some consider to be a rival network to Ripple. As a founding member, he possesses a lot of XRP, but came to an agreement with Ripple that he would only sell XRP in a limited manner for a period of 7 years.
So far, the transactions that McCaleb has been making does not seem to have affected the market, though concerns have been voiced by the community that this would do so. McCaleb himself has said these sales aren’t going to affect the market. The address still has about 84 million XRP in balance and McCaleb will likely continue to sell the tokens into the future.
Whale-alert, which keeps track of large transactions, has also said that McCaleb’s XRP selling is small compared to the total volume. In April, McCaleb sold 55 million XRP, amounting to about $11.7 million. He still has billions of XRP tokens remaining, with 1 billion having been sold between 2014 - 2019.
Ripple’s Q1 2020 report revealed that Ripple had suffered an 87% drop in sales numbers from Q4 2019, and it has generally been experiencing a turbulent time, facing lawsuits and filing one of its own against YouTube.