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Ripple Co-Founder Jed McCaleb Sold Nearly 240 Million XRP so Far This Month

Ripple Co-Founder Jed McCaleb Sold Nearly 240 Million XRP so Far This Month
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Ripple co-founder Jed McCaleb has sold just over 240 million XRP coins so far this month, and still has a balance of over 431 million XRP in his “~tacostand” wallet, according to data from XRPScan.

McCaleb reportedly started working on Ripple in 2011, and was part of its founding team when the company was launched in 2013. While he left it in 2014 to work on Stellar (XLM), he acquired his 8 billion XRP tokens. A role in the development and founding of OpenCoin, which was later rebranded to Ripple.

The entrepreneur receives funds according to a set schedule and has made it clear via XRP Talk, a forum for investors and XRP supporters, that he plans to sell the funds he receives, as he has already donated a portion of the funds to charities such as Give Direct, Literacy Bridge, among others.

Since then, he has been selling XRP periodically. So far this month, McCaleb has sold 240 million tokens, worth about $148 million at press time, with each XRP token trading at around $0.618. The cryptocurrency is down significantly from its all-time high of over $3 in early 2018 and from this year’s high above $2.

XRPUSD Chart via TradingView

It is worth noting that McCaleb’s massive XRP sales continued even after the cryptocurrency suffered a major selloff due to the US Securities and Exchange Commission (SEC) lawsuit against Ripple Labs last year. The Securities and Exchange Commission alleges that Ripple and two of its executives have “raised more than $1.3 billion through an unregistered and ongoing digital asset offering.”

The price of XRP has also been affected by recent concerns about bitcoin’s carbon footprint, as some investors have been turning to more energy-efficient digital currencies. Ripple, the largest owner of XRP, as reported by CryptoGlobe, confirmed its intention to be carbon neutral by 2030 late last month.

The opinions and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only, and do not constitute financial, investment or other advice. Investing or trading in crypto assets involves the risk of financial loss.

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