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Ripple Co-Founder McCaleb Kept Cashing Out XRP on May

CryptocurrencyJun 05, 2021 04:00AM ET
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Ripple Co-Founder McCaleb Kept Cashing Out XRP on May

  • Ripple co-founder Jed McCaleb cashed out over 400 million XRP in May.
  • Based on McCaleb’s ‘~tacostand’ wallet, he still has a total of 617 million tokens.
  • His huge XRP sales did not stop even after Ripple ensured a major sell-off over the U.S. SEC lawsuit.
According to XRPScan, an XRP data provider, Ripple co-founder Jed McCaleb cashed out over 400 million XRP in May. Based on McCaleb’s ‘~tacostand’ wallet, the entrepreneur still has a total of 617 million tokens on balance.

It can be recalled, back in 2014, McCaleb left Ripple to work on Stellar (XLM), an open source blockchain payment service. Consequently, as Ripple’s co-founder, he pocketed over 8 billion XRP when he left.

Moreover, the billionaire already stated in a forum for XRP investors that he plans on selling his received funds. McCaleb donated part of the 8 billion to charities like Give Directly, Literacy Bridge, and others.

With that said, he has been selling XRP from time to time. Based on this data, it shows he recently sold an estimated $433 million, taking into account that each XRP token currently trading at $0.98.

McCaleb’s huge XRP sales did not stop even after Ripple ensured a major sell-off over the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit last year. Of note, the SEC filed a lawsuit against Ripple’s allegedly 1.3 billion unregistered securities.

Apart from this, the price of XRP has also been influenced by recent concerns surrounding Bitcoin’s carbon footprint. Since some investors have been turning to more energy-efficient cryptocurrencies, Ripple intends to be carbon-neutral by late 2030.

As of writing, XRP price today is $0.984860 USD with a 24-hour trading volume of $3,738,575,790 USD. Lastly, XRP is up 2.44% in the last 24 hours and ranks #7 at coinmarketcap.

This article was first published on coinquora.com

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Ripple Co-Founder McCaleb Kept Cashing Out XRP on May
 

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