Ripple co-founder sold $ 375,000 worth of XRP tokens daily
Former technical director of blockchain startup Ripple Jed McCaleb, who is also the co-founder of Stellar, has been selling 1.74 million XRP tokens every day since the beginning of 2020. That is, approximately $ 375 thousand, if we count at the average price for this period. Over the last 7 months, the businessman has sold 630 million coins. At the same time, he still has at least 4 billion XRP remaining.
McCaleb has sold 266% more cryptocurrency every day this year compared to the past. The volume of assets sold by the co-founder of Ripple is insignificant when compared to the trading volume in the pair to XRP. But this does not mean that token sales do not put pressure on the price. On the contrary, McCaleb thus increases the supply of the asset in the market. That being said, there is no evidence that he is buying XRP back.
In early March, the head of Ripple, Brad Garlinghouse, said that the company would not have a profit and could not maintain a positive balance if it refused to sell XRP tokens. A startup depends on the sale of its coins as much as it relies on providing technology to other firms and other sources of funding.
Former technical director of blockchain startup Ripple Jed McCaleb, who is also the co-founder of Stellar, has been selling 1.74 million XRP tokens every day since the beginning of 2020. That is, approximately $ 375 thousand, if we count at the average price for this period. Over the last 7 months, the businessman has sold 630 million coins. At the same time, he still has at least 4 billion XRP remaining.
McCaleb has sold 266% more cryptocurrency every day this year compared to the past. The volume of assets sold by the co-founder of Ripple is insignificant when compared to the trading volume in the pair to XRP. But this does not mean that token sales do not put pressure on the price. On the contrary, McCaleb thus increases the supply of the asset in the market. That being said, there is no evidence that he is buying XRP back.
In early March, the head of Ripple, Brad Garlinghouse, said that the company would not have a profit and could not maintain a positive balance if it refused to sell XRP tokens. A startup depends on the sale of its coins as much as it relies on providing technology to other firms and other sources of funding.