Jed McCaleb now has less than 15 million XRP left
According to XRPscan, Jed McCaleb, co-founder of Ripple Labs and its former CTO, has less than 14 million XRP in his wallet. In the past seven days alone, McCaleb has sold around 40 million of the remaining XRP. At this rate, the crypto community can expect this story to unfold in the coming days.
Recall that McCaleb left Ripple Labs in 2013, then known as OpenCoin, because he saw the company developing in a different direction from the other co-founders. He was eventually compensated nine billion XRP for his services as the company’s first CTO and for helping to build it.
McCaleb was contractually prohibited from selling his vast stock of XRP at any given time, and the parties set a schedule to sell XRP in small increments. At the same time, fans and token holders themselves have no warm feelings towards McCaleb, accusing him of dumping the price of XRP.
XRP price review
Globally, XRP is trading in a range of 0.3 to 0.345 cents per token, where it has fallen since the crypto market capitulation in mid-June. The 0.345 mark is an important resistance level that XRP tried and even managed to break once at the beginning of the last week of June. However, XRP failed to break the next major price level of 0.384 and slid back into its target corridor.
In an attempt to identify patterns in the XRP price movement, you can see that from June 24-27, McCaleb actively sold 22.1 million XRP. It also initiated sales of 14.2 million XRP at the upper limits of the corridor, at 0.345 cents. That said, it can be assumed that the allegations of the XRP community against the former head of Ripple Labs did not come out of nowhere.
