coinputin.com – Ripple co-founder Jed McCaleb began to offload his XRP assets at breakneck speed.
Data shared by researcher Leonidas Hadjiloizou shows that Ripple co-founder Jed McCaleb sold 29.5 million XRP in a single day on December 6, a dazzling figure.
No Fiat Limit
McCaleb co-founded OpenCoin in 2012 with Chris Larsen. The name was later changed to Ripple Labs and became a blockchain giant.
While the San Francisco-based company continued to exist with other board members, McCaleb founded rival Stellar.
McCaleb took a large share with 9 billion XRP tokens. In May 2014, it announced its intention to liquidate its assets before imposing contractual controls.
Ripple Labs then sued Mccaled for allegedly violating the terms of the aforementioned agreement, and then, after a legal battle that lasted almost a year, chose to reach a settlement with him in February 2016.
Under the new agreement, McCaleb’s sales are determined by global trading volumes.
Beyond the fourth year of the revised deal, McCaleb is able to liquidate 1.5 percent of XRP’s daily global trading volume.
Billions Of Tokens
At this rate, according to hadjiloizou’s estimates, McCaleb will be able to offload a total of 207 million XRP in a single week:
“While the radical increase in XRP volume occurred 10-14 days ago, this affected Jed’s sales 1-2 weeks later. Recent mobility means Jed is now selling far more than the current market can afford.”
XRP’s trading volume hit an all-time high in early November due to its dire rally. The bad news for the XRP community is that McCaleb still has about 3.7 billion tokens to sell.
At the time of writing, XRP was trading at $ 0.63.