Ripple co-founder sells over 800m XRP in just four years

Ripple once again finds itself making headlines after recent information emerged about its co-founder. According to the new claims, the company’s co-founder, Jed McCaleb, sold more than $175 million in XRP. This allegedly took place over the last four years, and it includes nearly 820 million XRP.

Ripple co-founder continues to liquidate his XRP

McCaleb originally received around 9 billion XRP units after he helped with the founding of the company. In Q1 2020 alone, McCaleb seemingly sold more than $25 million in XRP.

However, the reports show that this was not the highest amount that he ever sold per quarter. That honor goes to Q4 2018, when McCaleb managed to sell $36 million in XRP.

This is nowhere near what Ripple itself managed to sell per quarter. In Q4 2019, the company behind the coin sold around $13.08 million. In Q1 of this year, however, it only managed to sell $1.75 million in XRP.

The reports also show that McCaleb started selling the coins in the first half of 2016, in Q2 of the year. He started selling small amounts, as per the agreement with Ripple. In fact, the deal is likely the only thing that stopped him from selling 9 billion coins at once, as that would have knocked down the coin’s already low price.

McCaleb sold less than 10% of his XRP

The agreement limited him to only selling $10k per week throughout the first year. During the second year, he was allowed to sell $20,000 per week. He could sell up to 750 million coins per year during the third and fourth years. That amount went up to 1 billion during year seven, and 2 billion per year after the seventh year.

In other words, McCaleb respected the agreement, but that still means that he sold massive amounts. Over the past week, he sold 2.1 XRP per day. From what is known, he doesn’t appear to think that his XRP liquidations are affecting the coin’s price.

He stated “I think the history to date shows there is no impact on the market. I’ve been transparent from the start and the market has known that I would be selling my XRP at a steady rate.” He also claimed that others have sold significantly more than him. In fact, he only sold 9,1% of the total XRP that he owns.