With a price at the time of this article of $0.6, XRP has been in “freefall” over the last few weeks and months with the team promising that they are working to reverse it. This month’s report on their progress will be released after midday Saturday August 19th., which may prove pivotal in whether or not investors start to buy back into Ripple again.
Jed McCaleb is the co-founder of Ripple, a cryptocurrency that has been on the rise. Jed McCaleb’s net worth was $1.7 billion in 2017 and he is now worth around $500 million.
Ripple co-founder Jeb McCaleb hasn’t sold any XRP since the end of August, according to the website jed.tequ.dev. This is one of the longest periods in which he hasn’t sold any of his interests.
According to the statistics, his most recent transaction was 12 weeks ago, when he sent just under 8.5 million XRP to Bitstamp to sell.
jed.tequ.dev is the source of this information.
What’s the deal with dumping XRP?
Jeb McCaleb is a well-known player in the cryptocurrency world, having co-created Ripple and launched the Mt. Gox exchange in 2011.
McCaleb was Ripple’s first-ever CTO, although he left in 2013 because to conflicts with other co-founders. According to reports, improper relationships with a Ripple Labs employee, Ms. Kim, and her subsequent departure produced a schism, and he lost interest in growing the company.
Current Ripple CTO David Schwartz reframed the incident in a blog post from October 2017, arguing McCaleb had unjustly deceived his workers and investors. It’s also worth noting that in cases of treachery, founders are often thrown out.
“In my opinion, there is no excuse for betraying your workers and investors unless you are aware of unlawful or immoral conduct by the firm or its management. Jed’s current accusation is that he was mistreated.”
Nonetheless, McCaleb controlled 9 billion XRP at the time of his departure, and rather than rubberstamping an agreement allowing him free access to the lot, Ripple negotiated a settlement limiting the amount he could sell to avoid a large oversupply.
After reportedly breaching that agreement in 2016, he renegotiated a new contract in which he would give 2 billion XRP to charity and the remaining 5.3 billion would be held in Ripple custody, with limitations on how much he may sell (if he chooses to) based on a percentage of average daily volume.
In the last three weeks, no tokens have been sold.
According to McCaleb’s “tacostand” wallet, the latest payment from Ripple was for 174,862,720 tokens on September 1.
xrpscan.com is the source of this information.
The ‘tacostand’ wallet now has 709,911,488 XRP, which is worth roughly $731 million at today’s pricing.
McCaleb hasn’t sold any XRP since his previous transfer out on August 31, prompting conjecture about his current motivations for not selling.
Since September 1, XRP’s performance has been quite consistent. On September 6, between then and today, a high of $1.39 was reached. Since then, the price has been on a downward trend, with the lowest point being $0.87 two weeks later.
While a succession of higher lows has offered promise of a comeback, XRP has been stuck in a tight trading range between $1.02 and $1.10 over the last week.
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