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Home Markets Cryptos

Ripple’s co-founder earned $411 million from selling XRP in 2020

Olumide Adesina by Olumide Adesina
January 6, 2021
in Cryptos
XRP, Ripple's co-founder earned $411 million from selling XRP in 2020
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Ripple co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.

What you should know

In spite of Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

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  • Highly revered crypto tracker, Whale Alert reported that McCaleb’s remaining XRP holdings along with the gains he made selling XRP stand at $1.2 billion, making him one of the richest individuals in the crypto-verse.
  • It’s key to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar.
  • As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
  • According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

READ: World’s most valuable Crypto exchange, Coinbase files for IPO

Meanwhile, the crypto asset has been losing value at record levels on reports that the world’s most valuable crypto exchange, Coinbase, recently announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

Coinbase further explained that,

  • “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.”

READ: A $9 billion hedge fund seeks approval to launch Bitcoin Fund

Ripple in a recent press release, disclosed it was ready to fight the allegations issued by the United States Securities and Exchange Commission against the company.

  • “The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.
  • “It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”

READ: $414 million worth of Bitcoin moved by a large entity


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Tags: Business NewsCoinbaseCryptocurrencyCryptocurrency NewsRippleSEC
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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