Ripple co-founder Jed McCaleb still has a total of 617.3 million tokens in his wallet, despite cashing in an estimated 453 million XRP in May.
Relationships between McCaleb and Ripple
McCaleb is said to have started working on Ripple in 2011 and was part of the founding team when the firm was founded in 2013. McCaleb was given 8 billion XRP tokens when he left to work on Stellar (XLM) in 2014. He was involved in the development and founding of OpenCoin, which was later renamed Ripple.
Why is McCaleb selling XRP?
Through XRP Talk, a forum for XRP investors and supporters, McCaleb has made it clear that he plans to sell the funds he receives as he donates some of the funds to charities like Give.
McCaleb has been selling XRP periodically since then. The data shows that the former co-founder sold an estimated $433 million worth of XRP tokens last month, given that each XRP token is currently trading at $0.955.
McCaleb’s massive XRP sales continued after the cryptocurrency’s U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs last year.
The price of XRP has also been affected by recent concerns surrounding bitcoin’s carbon footprint as some investors are turning to more energy-efficient cryptocurrencies. As previously reported, Ripple, the largest holder of XRP, reiterated its promise to be carbon neutral on energy by 2030 late last month.