Ripple transfers another $420 million in XRP for co-founder Jed McCaleb to dump

Gordon James


Buy and Sell Crypto

Ripple seems to be the go-to choice when it comes to solving the speed/cost problem in cryptocurrency networks. The company has recently undergone a rebranding to the Ripple Transaction Protocol (RTXP), after a partnership with MoneyGram. This partnership has helped Ripple gain a foothold in the high-value international money transfer market, and it has fueled speculation that Ripple could be the winner in this round of the “war for the “XRP Ledger”.

Following on the heels of these two recent statements by the company, the cryptocurrency exchange announced that it would be transferring another $420 million of XRP to co-founder Jed McCaleb’s account.

Ripple, the brainchild of Chris Larsen, is one of the more interesting cryptocurrencies today. As a company, it’s not revolutionary, but as a foundation, it’s an innovative economic model. Ripple is not backed by a single company, but instead by a network of independent validators who are paid in the coin themselves.

Blockchain payments company Ripple today sent its co-founder and former CTO Jed McCaleb another payment of more than 408 million XRP tokens, worth about $420 million at today’s prices. 408,123,659 #XRP ($420,345,541 USD) transferred from Jed McCaleb’s settlement to Jed McCaleb’s portfolio – Whale Alert (@whale_alert) June 3, 2021 According to blockchain researcher XRPScan, this is the latest in a series of massive XRP transactions that Ripple has sent to McCaleb every month since September 2020. McCaleb, for his part, continues to sell his chips in small quantities. In keeping with his recent behavior, Ripple’s co-founder picks a specific amount of XRP each week – usually a fairly large amount by ordinary human standards – and holds it for seven consecutive days. Last week, McCaleb’s discharges totaled 16,353,884 XRPs per day, or about $16.85 million. Previously, it had sold just over 10 million XRP per day for two weeks. At press time, he still had 633,699,648 XRP ($652 million) in his Tacostand portfolio.

More fuel for machine to reset XRP

McCaleb reportedly left Ripple in 2014 due to internal disagreements after co-founding the company in 2011. After leaving, McCaleb initially tried to get rid of all his XRPs at once, but Ripple stopped him by filing a series of lawsuits, according to the company’s current CTO, David Schwartz. Jed quickly tried to get rid of his XRP, and Ripple took steps to stop him with a series of lawsuits. Thanks to Ripple’s rejection, Jed’s XRP will likely be worth more than $1 billion. He will likely be the only person to become a self-made billionaire despite his best efforts, Schwartz wrote in 2018. Meanwhile, Ripple remains embroiled in a legal battle with the US Securities and Exchange Commission (SEC) over the sale of XRP. In its lawsuit, the regulator alleges that Ripple and its executives, CEO Brad Garlinghouse and Chairman Chris Larsen, have raised more than $1.3 billion since 2013 through an ongoing unregistered offering of securities of digital assets. However, according to attorney Jeremy Hogan, only a small percentage of these cases come to trial, so the SEC will likely settle its case against Ripple before then.

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Even as Ripple has been hiring and developing new services to grow its network of gateways and use cases, it has been busy selling its XRP digital assets back to its own company to fund its growth. On Wednesday, Ripple transferred another $420 million worth of XRP to a newly-created account owned by co-founder and former CEO Jed McCaleb in order to clear out some of the company’s existing supply of XRP. McCaleb’s account now holds ~$300 million XRP—the largest of any non-Ripple controlled entity or individual. McCaleb has been selling XRP on the open market for several months and has become a major player in the XRP market over the past few months.. Read more about how much xrp does jed mccaleb own and let us know what you think.

Frequently Asked Questions

Will ripple XRP reach $1000?

In case you missed it, XRP, the official cryptocurrency of Ripple, saw a significant price jump in the last few hours, as Ripple announced it was partnering with Moneygram to provide instant cross border payments using XRP. The move was seen as a huge milestone for the coin, as it may eventually help it become one of the top 100 cryptocurrencies according to market cap. Ripple (“Rippled”), was created in 2012 by Jed Mccaleb to make it easier for banks to send money across borders. After launching in 2013, it has since grown into one of the worlds most popular cryptocurrencies.

Will ripple ever reach 100?

We’ve been saying the price of ripple is going to “take off” for a while, and it’s finally happened! The company has raised another $420 million in XRP, which is now sitting on Jed McCaleb’s crypto-dumping account, to the tune of $1 billion in total. This is down from the $2 billion raised in May, although this still allows ripple to rake in $110 million per month in XRP sales. That’s not all though, since this latest round also includes a $200 million pledge from advanced payments firm Stripe, which should make ripple’s software extremely valuable for both cryptocurrency exchanges and other online payment businesses. A few weeks ago we told you that Ripple CEO Brad Garlinghouse claimed that the company is close to getting to a point where it can launch an enterprise version of its network. However, apparently Ripple’s co-founder Jed McCaleb isn’t happy with how things are going thus far, as he’s just sold another $420 million worth of XRP to an anonymous buyer.

Will ripple make you a millionaire?

The crypto currency known as XRP has recently become one of the most popular. But a claim by Ripple that ‘You won’t be a millionaire by Ripple’ is a lot to take down. The latest XRP co-founder and former co-founder of eDonkey, Jed McCaleb, announced that he had sold all the XRP that he owned for $420 million. The XRPs that he had earned during his time at Ripple will be used towards various philanthropic endeavors.

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