Jed McCaleb, the co-founder of Ripple Labs, has sold nearly all his XRP, according to data on his TacoStand.
Per data on TacoStand, the former Ripple Labs CTO now has a paltry amount of only 46.7 XRP worth around $16.3 in his wallet. The development comes a few days after it was reported that McCaleb had taken a break from selling XRP.
As reported by TheCryptoBasic, a total of 5.32 million units of XRP were still sitting in his wallet of McCaleb two days ago. However, it did not take long before he offloaded almost every XRP in his account, leaving only 46.7 Ripple at press time.
Ripple Gifted McCaleb 9 Billion XRP
Recall that McCaleb was among the co-founders of Ripple Labs in 2013 and went on to become the company’s Chief Technology Officer (CTO).
Before McCaleb left Ripple, he was given billions of XRP, which he continued to sell on different occasions. According to the insight provided by on-chain cryptocurrency data provider Whale Alert, McCaleb successfully sold 5.7 billion XRP for $3.1 billion at an average price of $0.55/XRP over the course of eight years.
McCaleb had embarked on a selling spree of the cryptocurrency, which makes many believe the activities have also negatively impacted the price of XRP over the years.
“[…] Because he is exclusively selling XRP, he is adding to the net amount available. It is also important to note that it seems that the profits are being cashed out directly through Bitstamp, and we found no evidence that any of it is being reinvested into the crypto market,” WhaleStats noted in a report.
It is a good development that McCaleb is done with selling his XRP, as these actions will no longer affect the price of the coin.