According to the website jed.tequ.dev, Ripple co-founder Jeb McCaleb has not sold XRP since the end of August this year. This makes this one of the longest periods of time he has not dumped his holdings.
The data shows that the last sale was 12 weeks ago, where it transferred just under eight and a half million XRP to Bitstamp for sale.
Source: jed.tequ.dev
What’s the story with XRP dumping?
Jeb McCaleb is a prominent figure in the crypto industry, he co-founded Ripple in 2011 and created the Mt. Gox exchange at the same time.
McCaleb was Ripple’s first CTO, but due to disagreements with co-founders, he left the company in 2013. It is reported that inappropriate relationships with a Ripple Labs employee, Ms. Kim, and her subsequent departure created a rift in which he lost interest in building the company on.
In an October 2017 blog post, current Ripple CTO David Schwartz reformulated the situation, saying McCaleb had unjustifiably betrayed his workforce and investors. In addition, in situations of betrayal, it is not uncommon for founders to be forced out.
“IMO, there is simply no justification for betraying your employees and investors unless you are aware of illegal or immoral acts by the company or its management. Jed now claims he was treated badly. “
Nonetheless, McCaleb owned 9 billion XRP by the time he left, and instead of leaving him with full access to the property, Ripple negotiated a deal that fixed the amount he could sell to prevent a massive oversupply.
After allegedly breaking that deal in 2016, a new agreement was renegotiated in which he would donate 2 billion XRP to charity, and the remaining 5.3 billion would be in Ripple custody with rules for how much he can sell ( if he wants), based on a percentage of the average daily volume.
No tokens sold in over three weeks
Analysis of McCaleb’s “Tacostand” wallet shows that the last payment received from Ripple was on September 1st for 174,862,720 tokens.
Source: xrpscan.com
The current stocks of the ‘Tacostand’ wallet amount to 709,911,488 XRP, valued at approximately $ 731 million at today’s price.
McCaleb has not sold any XRP since his last transfer on Aug. 31, leading to speculation about his current reasons for not selling.
XRP’s performance since September 1st has stagnated somewhat. Between then and now, it hit a high of $ 1.39 on September 6th. Since then, a downtrend has resulted in a low of $ 0.87 about two weeks later.
While a series of higher lows raised hopes of a revival, XRP has been trapped in a tight trading range between $ 1.02 and $ 1.10 for the past week.
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