Ripple’s co-founder dumps 61.5 million XRP

Ripple co-founder Jed McCaleb has recently offloaded another 61.5 million XRP, bringing his total holding to below half a billion XRP.

According to data retrieved from XRPscan, Jed McCaleb’s crypto wallet sold 61.5 million XRP.

The co-founder is partly responsible for price not holding for long as it should, as he has over the years been regularly dumping XRP in the crypto market, following his departure from Ripple in 2013.

The value of his most recent sale is now estimated to be worth $36.9 million in XRP, bringing his total holding in that wallet to 442 million XRP.

At the time of drafting this report, XRP traded at $0.606590 with a daily trading volume of $13.3 Billion. XRP is down 4.09% for the day.

Recall about a month ago, Whale Alert reported that McCaleb’s remaining XRP holdings, along with the gains he made selling XRP stood 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.

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.