Crypto analyst, Leonidas Hadjiloizou, recently revealed via his Twitter handle that McCaleb, the co-founder of Ripple, sold 28.6 million XRP — roughly $8.5 million at the time of drafting this report — following 25 days of no sale activity after news broke of the Ripple SEC lawsuit.
Jed's Tacostand had paused XRP sales ever since the SEC lawsuit was announced. After 25 days of no sales, 28.6 million XRP was sold today. pic.twitter.com/XTMgmvDFZF
— Leonidas (@LeoHadjiloizou) January 18, 2021
At the time of writing this report, XRP traded at $0.288355 with a daily trading volume of $5.6 billion. XRP is down 1.09% for the day.
READ: Fear of U.S Financial regulators cripple XRP, tumbles by 61%
Recall that some days ago, Nairametrics revealed Ripple’s co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.
Despite 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: Winklevoss brothers become crypto billionaires
- It’s important 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: Ripple is selling 33% of its ownership in MoneyGram
Recently, XRP has been losing value at record levels since reports that the world’s most valuable crypto exchange, Coinbase, announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.
