Ripple co-founder and former CTO Jed McCaleb is selling XRP again. On this pays attention researcher Leonidas Hadzhiloizu.
According to him, yesterday McCaleb liquidated 28.6 million XRP worth $ 8.81 million at the current exchange rate. It is noteworthy that this is the first sale of McCaleb in 25 days, that is, since the filing of a lawsuit by the US Securities and Exchange Commission (SEC) against Ripple, accusing him of distributing more than $ 1.3 billion in unregistered securities.
According to Hadjiloizu, McCaleb sells using the XRPL DEX exchange, most of the current volume of which is related to his operations. Whale Alert estimates that he liquidated a total of 1.2 billion XRP worth $ 411 million in 2020. McCaleb received 9 billion XRP from the company for his early involvement in the company’s early development. Hadjiloizu estimates his remaining XRP at $ 3.4 billion.
“In the past, Jed has stopped sales to allow the sale of the charity he donated to. This time, however, he stopped selling immediately after filing a lawsuit. Why he sells again is unknown. Perhaps he received a recommendation from lawyers or was guided by some other of a million reasons, ”the researcher adds.
McCaleb’s actions have been linked to the long-term suppression of XRP prices. However, the SEC lawsuit and the subsequent delisting from multiple trading platforms dealt a more obvious blow to the market. XRP is trading around $ 0.30 at time of publication, down 50% over the past 30 days. Recently, the token dropped to the fifth place in the list of the largest assets of the crypto market, freeing the fourth line for Polkadot.
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