Ripple Cofounder Jed McCaleb Cashes Out 222.6 Million XRP In Past Two Weeks

According to the data obtained from XRPscan, over the past sixteen days, Jed McCaleb, the man who helped found the SEC-battered fintech giant Ripple, has moved over 222 million XRP tokens to be sold.

First Ripple CTO moves $115 million in XRP

Jed McCaleb keeps selling out what is left of his XRP riches and keeps sending coins from his “tacostand” wallet to digital exchanges to convert them to fiat currency.

According to XRPscan, over the past two weeks, he has moved a staggering 222,600,000 XRP, which is an equivalent of $115,633,766.

In 2013, McCaleb left Ripple Labs, which he founded with Chris Larsen, and went on to create a rivalling Stellar platform with a native coin XLM.

Since that time, he has been receiving a substantial compensation in XRP for his help in founding the company. The money is being paid out in lumps to prevent Jed from dumping the whole amount of several billion XRP from dumping on the market and crashing the price.

Jed still holds 383 million XRP on “tacostand”

Regular XRP sales by McCaleb, however, do not seem to have any impact on the XRP exchange rate.

Over the past two weeks, sixteen lumps of XRP has been moved in two groups. Each group of payments carried 18.5 million and 9.2 million XRP each.

The remaining balance on the “tacostand” wallet at the time of writing totals 383,092,083 XRP tokens.

The community believes that by the end of this year, McCaleb should sell out all of his XRP stash, which is under 3 billion at the moment and is moved in parts to “tacostand” when he wants to make a sale.

Since December 21, Ripple has been struggling with the SEC lawsuit regarding “illegal XRP sales”. Both Brad Garlinghouse and Chris Larsen have been sued also for selling an “unregistered security” – XRP.

Jed McCaleb, however, being one of Ripple founders, have not been mentioned by the SEC in its legal complaints.

Contributed by U. Today.