Jed McCaleb, one of the executives of Ripple, has reportedly been selling Ripple’s native tokens in the quantities crossing over millions of XRP. However, each sale of XRP is being publicly monitored and scrutinized. The latest sale of XRP executed by McCaleb was consisting of 38 Million XRP which amounted to US$ 22 Million approximately.
Since Ripple-US Securities & Exchange Commission (SEC) dispute has reached the court, huge chunks of XRPs are found being sold quite frequently.
The person behind such humongous sale of XRP is reportedly one Jed McCaleb, who is amongst the executives of Ripple. McCaleb is currently a subject of hot topic because he, on his own, has been able to sell huge quantities of XRP. His sales aren’t sneaking under anyone’s nose and in fact, Bitcoin.com has been following Ripple’s executive in his selling drive since November 2020.
It was reported by Bitcoin.com that McCaleb has been executing XRP sales transactions from his digital wallet known as “Tacostand”. In the past week, McCaleb single-handedly sold around 100 Million XRPs for an aggregate value of US$ 56 Million. However, at the occasion of the St. Valentine Festival on 14th February, McCaleb made it possible to sell off another huge chunk of XRPs. It was reported that on the day, a total of 38 Million XRP tokens whose value can be ascertained as US$ 22 Million approximately were sold.
However, each sale conducted by McCaleb hasn’t been going unnoticed. Leonidas Hadjiloizou, an acclaimed crypto analyst, has also been actively taking note of each sale by McCaleb.
Hadjiloizou is expecting that McCaleb will soon be selling another huge quantity of XRP. According to Hadjiloizou, the next sell of XRP would consisting of at least 38,345,406.53. He further suggested that the sales will continue for an entire week. As per his understanding, McCaleb has been getting rid of his roughly 3 Billion XRPs which are lying in his possession. The aim of the seller seems to be to clear out XRP holding till July 2021, suggested Hadjiloizou.
Hadjiloizou also reported that when SEC filed a lawsuit against Ripple, McCaleb initially halted sales of XRP from his digital wallet. However, a month later SEC’s lawsuit, McCaleb has been selling XRPs and all the sales were executed from his personal digital wallet.
Meanwhile, a complainant has lodged a suit against Ripple praying therein that Ripple be directed to release communication between SEC and Ripple. It was alleged in the suit by the plaintiff that Ripple has been withholding information contained in an email communication.
It was further noted by Bitcoin.com that in February alone, McCaleb executed at least 3 sale transactions of XRP. It was reported that McCaleb has sold at least 209 Million XRPs in these three transactions. By mid-July he will be able to completely dispose off his XRP holding, said Bitcoin.com.