XRP Tanks 12% as Ripple Co-founder Jed McCaleb Dumps Over 6M XRP

Ripple xrp

Ripple founding member Jed McCaleb continues with his aggressive XRP dumping and has reportedly made more than half-a-billion dollars in gains by selling XRP over the last 8 months.

Ripple‘s XRP is down 11.7% today and is currently trading at $0.53 with a market cap of $24.6 billion. This happens just at a time when Ripple co-founder Jed McCaleb dilutes his XRP holdings bringing it below half-a-billion.

As per data from XRPScan, offloaded a total of 61.5 million XRP coins. Ripple co-founder has been periodically offloading his stake over the past since his departure from Ripple in 2013. Thus, many analysts state that he is partly responsible for XRP’s price not picking up as desired.

The total value of his recent sale is somewhere worth around ~$37 million. This brings his total holdings to 442 million in the XRP wallet. Jed McCaleb is one of the richest individuals in the crypto space recently. So far, the gains made by him with his total XRP sales stand around $1.2 billion.

McCaleb has been aggressively selling his XRP holdings since the beginning of Q3 2020. Popular Twitter handle Whale Alert earlier reported that he was selling 1.74 million XRP daily during Q3 2020. Thus, McCaleb seems to have made more than half-a-billion dollars in gains by selling XRP over the last 8 months.

Jed McCaleb left Ripple several years back and proceeded to launch his own crypto company Stellar. Stellar native cryptocurrency XLM is among the top-performing cryptocurrencies today in the market.

Ripple’s Legal Hurdles with XRP

Ripple has been going through a very rough phase over the last two months ever since the U.S. SEC slapped charges of selling XRP as unregistered securities. After the SEC lawsuit, the San Francisco-based blockchain startup has found itself being distanced even by some of its key partners in the market.

Over the last two months, a number of exchanges including big ones like Coinbase have announced that they would be suspending XRP trading from the platform. Ripple has given a strong response in its filing last month. The blockchain firm called SEC charges being based on “unprecedented and ill-conceived legal theory”.

Ripple stands firm on its ground that XRP is not a ‘security’ and that the SEC has no authority to regulate it. After the XRP price dropped below $0.30 in January last month, the WallStreetBets traders pumped it back to above $0.60 recently.

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