Ripple recently sent over 64 million XRP to the wallet of Jed McCaleb, former CTO. This huge amount of transfer was caught by Whale Alert and as expected, it has built the environment of fears of a potential dump in the XRP market.
A couple of hours ago, Whale Alert notified the public with the transfer of over 63,704,590 XRP from Jed McCaleb’s wallet to the former CTO’s personal wallet. During the time, this recent transfer of coins was worth $12,293,769.
Whale Alert notified that this huge transfer made by Jed McCaleb is part of his personal and Ripple investment. The sources stated that XRP is periodically sent from the Jed McCaleb wallet to a personal account where he is allowed to sell the XRP in the open markets.
McCaleb has proposed an agreement that reads how he should sell his XRP token and the fears of a market he still owns billions of XRP waiting to be sold. As the dump is on the way, most of the crypto enthusiasts responded to Whale Alert’s post.
Jed McCaleb and Chris Larsen co-founded Ripple in the year 2012. Later, McCaleb signed off from the company with the year to create the Stellar (XLM) cryptocurrency. Further, he was revenued with over 9 billion XRP tokens for his role at Ripple. The coins were sold in the open market.
Whale Alert responded with the post that McCaleb sold over 1.05 billion XRP in 2014. He hold over 4.7 billion XRP which is equivalent to 5% of the total XRP supply.
Whale Alert further addressed that the contract with Ripple was about to expire during the escalation of XRP sell-off. McCaleb has been crediting out via Bitstamp and there would no reinvestment proof to the crypto markets.