Ripple’s Jed McCaleb Sold $400 Million Worth Of XRP Coins in 2020

Ripple’s Jed McCaleb sold $400 million worth of XRP back in 2020 as we can see more today in our latest ripple news.

Ripple architect and Stellar CTO Jed McCaleb cashed out $411 million in XRP in 2020 according to the updated report from blockchain analytics platform Whale Alert. Ripple’s Jed McCaleb sold $1.2 billion XRP over 2020 at an average price of $0.34 per coin reaching close to half a billion dollars. The sum reportedly represented 27% of McCaleb’s XRP stash that is held in a settlement account with Ripple Labs, marking a sharp acceleration of the sales to date. He sold about one billion XRP in the five years between 2014 and 2019.

By Whale Alert’s estimation combined value of McCaleb’s current and liquidated XRP holdings hit .
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2 billion and placed him on the crypto-rich list. He also seems to have timed his sales with Ripple currently facing lawsuits from the SEC and another major investor who participated in the company’s $200 million Series C funding round back in 2019. He also received a co-founder reward of $9.5 billion XRP once he decided to leave Ripple Labs in 2014 but during the same year, McCaleb signed an agreement with Ripple Labs which limited the amount of XRP that he can sell per week in order to avoid negative pressure on the market.

🚨 🚨 🚨 We have updated our analysis of one of the most famous #XRP whales out there. You can read up on what is likely one of the most successful traders of 2020 in the article below!https://t.co/Czw3nP8bW9

— Whale Alert (@whale_alert) December 29, 2020

Despite getting widespread criticism, McCaleb wanted to assure investors that his selling hasn’t impacted the price of XRP as his agreement comes to an end in 2023. Back in January 2020, McCaleb received 477 million XRP from his settlement account with Ripple Labs and his associated his wallet holding 652.1 million XRP that are worth about $147 million at current prices. In the reports on his sales, Whale Alert warned of the potential risks that are associated with the single wielding like a significant economic influence over the project that he is no longer involved in:

 “Whether or not you believe the future is bright for blockchains like Ripple, the economic power and consequences of whales like Jed McCaleb cannot be ignored…”

In our recent Ripple news, we reported that The Uphold crypto exchange announced today that it will not delist XRP and will stand behind Ripple, despite the ongoing SEC lawsuit and CEO JP Thieriot said that SEC’s action could have dire consequences for the market as a whole. Most leading US crypto exchanges already decided to remove, delist or halt XRP Trading.