According to researcher Leonidas Hadzhiloizu, co-founder and former CTO of Ripple Labs Jed McCaleb sold 28.6 million XRP for $ 8.78 million on January 18.
This XRP sale was the first in 25 days after the US Securities and Exchange Commission (SEC) lawsuit filed against Ripple. Recall that the SEC accused the company of selling unregistered securities in the amount of $ 1.3 billion.
Given Ripple’s legal problems with the regulator, many cryptocurrency exchanges have closed XRP trading pairs. Against the background of these events, the XRP rate fell to 0.17351, but then gradually recovered. Today, the coin is trading at 0.30500 and ranks fifth in terms of cryptocurrency market capitalization, behind DOT.
Hadjiloizu
wroteThis isn’t the first time McCaleb has suspended XRP sales. Previously, he was forced to “pause” so that the charity to which he donated XRP could sell the donated coins. This time, McCaleb stopped trading XRP immediately after the regulator’s lawsuit became known. The researcher suggested that McCaleb may have resumed sales on legal advice, although there may be other reasons for this.
According to the analytical service Whale Alert, it is indicated that in 2020 McCaleb cashed out $ 411 million, selling 1.2 billion XRP at an average rate of $ 0.34 per coin. This represented about 27% of all XRP held in Ripple Labs accounts. Additionally, in April 2020, the former Ripple CTO sold 54 million XRP for a total of $ 11.7 million, selling about 1.8 million XRP daily. From 2014 to 2019, McCaleb sold about 1 billion XRP.
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