Former Ripple CTO Dumps 28.6 Million XRP For The First Time Post SEC Lawsuit

By Prashant Jha
Published January 19, 2021 Updated January 19, 2021
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Former Ripple CTO Dumps 28.6 Million XRP For The First Time Post SEC Lawsuit

By Prashant Jha
Published January 19, 2021 Updated January 19, 2021

Jed McCaleb, former CTO of Ripple dumped another 28.6million XRP for the first time since SEC filed a lawsuit against Ripple and two of its executives. McCaleb’s settlement deal with Ripple back in 2013 gave him 9 billion XRP in batches to avoid him dumping his entire portion of settlement tokens on the market. The former CTO is well known to dump a portion of his XRP stash from time to time. However, the long pause of 25 days between his last two dumps is being seen as a result of the lawsuit.

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Leonidas Hadjiloizou, a crypto data analyst revealed that McCaleb sold $8.8 million worth of XRP token on January 18 for $0.30 apiece.

The analyst reminded that it was not the first instance when the former CTO has taken such an abrupt break, however on previous occasions the primary reason for the break was his charity, the break allowed the charity he donated to sell the XRP. He explained,

Jed had paused his sales in the past, to allow a charity he had donated XRP to sell. This time, however, he paused his sales right after the lawsuit. There is no way to know why he resumed. He could have waited for some advice from his lawyers or a million other reasons.

XRP rises by 10% on a Green Day as Delisting Woes Continues

XRP was trading at $0.304 at press time and has risen by more than 10% over the past 24 hours in the wake of the altcoin surge. Even though XRP has managed to recover above $0.30 post the lawsuit followed by a delisting spree mostly by the US-based crypto platforms, the crypto token lost its long-held third position to Tether and then Polkadot overtook it for the fourth spot.

Source: TradingView

While the future of XRP in the US looks grim at least until the lawsuit finalizes, the token would be looking at its market outside the US especially the Asia Pacific region for survival.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1015 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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