Jed McCaleb’s XRP Sales in September Still Amount to Zero. Is He Done Selling?

Jed McCaleb’s XRP Sales in September Still Amount to Zero. Is He Done Selling?

As per the data provided by the XRPscan, since September 1, former Ripple chief technology officer, who also helped found the company, has not sold a single XRP.

His XRP wallet still contains the same amount of Ripple-affiliated crypto as back at the start of the month - 709,911,475.983699 XRP.

Jed McCaleb has not resumed XRP sales

Since the last tranche from Ripple Labs, when Jed received 174,862,720, not a single transaction was made from his “tacostand” address, carrying a several-million-XRP lump to a crypto exchange to convert it to fiat. That transaction from Ripple was worth $210 million back on that day, according to the coin’s price.

This lavish amount of crypto came from Ripple on September 1. The previous one was received by Jed exactly one month before and constituted 182,370,308 XRP. Until September 1, he had been selling 8,489,328 and 9,080,265 XRP lumps on a daily basis.

Jed sold 198.3 million XRP coins throughout August, overall.

Has Jed spent the entire 9 billion XRP?

Jed left Ripple Labs in 2013 (back then known as OpenCoin) as it wanted to take the company in a different direction from the other co-founders. He was given a compensation of a whopping nine billion XRP for his services as the company’s first CTO and for helping to co-found it.

Jed went on to set up a rivalling DLT firm Stellar to develop his own ideas. He was prohibited from selling his massive XRP stash at once by the contract and instead he agreed to sell his XRP in small portions regularly.

Selling 2.6 billion in eight months

According to the blockchain data provided by XRPscan, overall, Jed McCaleb has sold 2.6 billion XRP in 2021. In January he had 3.4 billion coins on his wallet. Now, as of September 1, the “tacostand” balance equals 709.9 million XRP.

Besides, as reported by U.Today earlier, the Ripple wallet that had been transferring XRP to Jed’s address on a regular basis is now empty.

According to the website, created by the XRP community to mark the progress of Jed selling his XRP stash, he is likely to run out of XRP either March 6 next year (in 166 days) or by May 15 next year (236 days to go), depending on the pace he will be selling at. If he decides to resume selling.

XRP drops below $1

Earlier today, the sixth largest cryptocurrency XRP began dropping from the $1.06 price mark and gradually plunged below $1. After hitting a low at $0.8895, the coin began to recover. At the time of writing this, XRP is sitting at $0.9295, according to the data provided by CoinMarketCap.

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