Ripple’s Former CTO Dumps 100 Million XRP In June Alone
Co-creator of Ripple network and first Chief Technology Officer, Jed McCaleb will soon exhaust his XRP stash per U.today. He has just 81.5 million XRP off of the original 9 billion XRP stake today on tacostand.
More than 100 million XRP dumped into the market this month by McCaleb
In 2014, McCaleb threatened on XRPtalk.org that he’d soon sell his entire XRP stake, which was equal to 12% of the token’s supply and worth just $45 million at the time. Then came a settlement which restricted him from dumping the entire thing in a short period.
At the start of June, Jed reportedly had as many as 183 million XRP on his wallet balance; this had been reduced to just 114 million tokens by June 25. XRPscan Data shows that McCaleb has just 81.5 million XRP left.
This indicates that he sold about 30 million XRP within a few days and over 100 million since the start of this month. It is apparent that if he continues to go at this pace, he will dump it all very soon.
As at this time last year McCaleb had about 1.1 billion XRP ($700 million at the time). Excluding checkered history, McCaleb remains one of Ripple’s largest holders. This will also bring to an end the journey for XRP enthusiasts who have followed his selling trajectory from 9 billion XRP in 2013.
Ripple’s CEO says the firm will leave the U.S if they lose SEC lawsuit
On June 27, Ripple filed an opposition to SEC’s suggested redactions which include a description of flaws in the expert’s methodology, inconsistency in the SEC’s position, and also statements highlighting the authority’s position.
Ripple is of the belief that SEC’s recommendations aim to avoid public criticism seeing as they intend to suppress the declaration by experts and the reason declared is that it may “inflame the discourse”.
Brad Garlinghouse, CEO of Ripple stated recently that if Ripple ends up losing the suit, the firm would be leaving the U.S for good. The firm also announced the opening of a new office in Canada on Twitter.
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
