Ripple co-founder, Jed McCaleb, just received another tranche in XRP. This is reported by the Whale Alert service, whose specialists analyze transactions of the former employee of the cryptocurrency company.
This time, the transfer of $ 16.3 million, or about 80 thousand XRP was moved to Jed McCaleb wallet.
Note that each time when a former employer transfers XRP to McCaleb wallet, the funds are exchanged to fiat. And this time is likely to be no exception.
Ripple Co-Founder Sells Over 70 Million XRP in April-May 2020
Recall that in April, Jed McCaleb got the tranche that amounted to over $ 12 million in XRP. According to The Crypto Associate source, McCaleb sold an average of 1.8 million XRP (approximately $ 400 thousand) per day throughout April. Therefore this amount rises to $ 2.5 million XRP in May.
Every day, he sends tokens from his personal wallet to the same address, which refers to the wallet of the Bitstamp cryptocurrency exchange.
Based on the agreement that Ripple and Jed McCaleb made after leaving the company, the co-founder’s wallet continues to replenish. On May 1, the company transferred more than 55 million XRP to McCaleb. To date, it holds over 86 million tokens XRP.
McCaleb was the lead of Ripple but he left the company in 2014 due to disagreements with Chris Larsen who serves as executive director at Ripple now. When Jed McCaleb has quitted his job, he received 9 billion XRP. At the same time, Ripple has already feared that its co-founder would start selling crypto assets, and thereby bring down the market, entered into a restrictive agreement with him. Note, that in 2016 this agreement was revised because McCaleb violated the original arrangement.
Analysts at The Crypto Associate believe that McCaleb has a restraining effect on the XRP rate.
However, Jed emphasizes that his actions are transparent. At the same time, he drew attention to the fact that other market participants sell large volumes of cryptocurrency in his interview with Cointelegraph source.
Recall that during the 1st quarter of 2020, Ripple co-founder sold $ 26 million XRP. The indicator became the largest in the last 5 quarters. The maximum number of XRP sold by a specialist was recorded in the 4th quarter of 2018. For the indicated period, Jed McCaleb sold cryptocurrency for a total of $ 36 million.
Given the fact that in the 1st quarter of 2020, Ripple cryptocurrency sales decreased by 87% compared to the previous year, the influence of McCaleb on the value of XRP can grow only.
For comparison, in the 1st quarter of 2020, Ripple sold XRP in the amount of $ 1.75 million.
Note, that within an hour after the transfer, XRP tokens fell by 1%. However, a decline is visible in the entire cryptocurrency market. At the press time, XRP is trading for $ 0.2045.