Jed McCaleb, Ripple’s co-founder and former CTO, still holds 96 million XRP in his wallet as a result of a strategy whereby XRP is sold according to a predetermined schedule.
Jed McCaleb: Ripple’s co-founder and former CTO and his balance in XRP
The co-founder and former CTO of Ripple, Jed McCaleb, appears to still have 96 million XRP in his wallet, as a result of a strategy of selling XRP shares following a predetermined timetable, which will bring him to 0 XRP in less than a month.
— Rob XRP ☀️ (@robxrp1) June 25, 2022
“We are now officially at less then 1 month until Jed McCalebs taco stand account is empty of $XRP”.
Basically, according to data provided by Jed Balance, a website dedicated to tracking Jed McCaleb’s XRP balance, it appears that the Ripple co-founder currently has 96,199,414 XRP, the equivalent of $32.5 million, in his wallet.
The prediction is that the predetermined withdrawals will lead to McCaleb exhausting his XRP in 19, 23 or 25 days, depending on how quickly he sells this amount.
The first option requires dumping 4,751,986 XRP each week, the second requires selling 3,945,732 XRP on average each month, and the third is possible provided McCaleb sells 33,623,205 XRP on average every three months.
Jed McCaleb soon to be no longer an XRP holder.
McCaleb’s strategy thus has an end, which is when there will be no more XRP in his wallet, meaning he will no longer be an XRP holder.
McCaleb started working on Ripple in 2011 and was part of the company’s founding team when it was launched in 2013.
At that time he was allocated 8 billion XRP tokens for his work in creating and starting OpenCoin, which was eventually renamed Ripple, until he left it in 2014 to focus on Stellar (XLM).
Last year, McCaleb owned 590 million XRP, which, at the time, amounted to $350 million. This balance was the result of a 150 million XRP sale in 3 weeks, which was about $90 million.
The price of XRP
Meanwhile, the seventh-largest crypto by market capitalization, Ripple (XRP), appears to have experienced a 6% price pump over the past seven days.
At the time of writing, XRP is worth $0.34, still far from its last year’s ATH of nearly $1.40, but certainly in line with the bearish trend of other major cryptocurrencies.
XRP has a total market cap of over $16 billion and a 1.80% dominance in the crypto market.
By contrast, Stellar (XLM), McCaleb’s crypto, ranked 24th with a price of $0.12.
XRP price action
After last week’s sharp decline, digital assets have begun to show signs of recovery, and XRP rose as much as 16% on 24 June. With the breakthrough of the $0.35 barrier on 24 June, the narrow trading range on XRP’s daily chart has resolved to the upside.
If the price continues to move upward and breaks through the MA 50, this could presage the start of a new bullish trend. The pair could first gain ground to $0.46 before accelerating toward $0.56.
At the time of publication, XRP is priced at $0.366, up 1.64% from the previous day and 17.40% from the previous week.