The peak of 2017’s bull run resulted in the emergence of many crypto millionaires and billionaires. Jed McCaleb was one of the few people to join this billionaire group thanks to his contribution to Ripple in his early days. When he decided to leave Ripple, he received about 9 billion XRP in accordance with the “exit” package and signed a contract with Ripple to ensure that no large XRP dumps occur.
Over the years, Jed McCaleb has been slowly emptying his XRP bag. The former CTO once again moved significant amounts of XRP, according to data from XRPscan. However, this dumping session followed an unusual path compared to the previous ones.
As seen in the screenshot provided by Bithomp, over a 6-day period, Jed discharged 111 million XRP from its wallet named “taco stand”. The above mentioned transactions mainly consist of the following:
What is different about Ripple CTO’s operations this time?
An interesting transaction to note here is that McCaleb bought 442,127,865 XRP from Ripple Labs on May 1 during the sales spree.
XRP enthusiast and blockchain researcher Leonidas Hadjiloizou had tracked McCaleb’s previous XRP sales and regularly tweeted about dumping on various occasions. This time he used the following statements:
According to Hadjiloizou, “Jed will sell 17.3 million XRP a day. This is slightly less than last week’s 18.5 million XRP. “At the current pace, the old Ripple CTO believes its wallet will be reset by the end of the summer.
The latest situation in XRP price
XRP has been surpassed by Dogecoin (DOGE) in terms of market cap at the time of writing. DOGE placed XRP in fifth place, with its market capitalization reaching $ 76 billion. At the time of writing, XRP is trading at $ 1.44. 8% in the last 24 hours. He suffered a loss of 8.