McCaleb Cashes Out 127M XRP In Previous 2 Weeks
The situation between Ripple and the SEC continues to develop, as things go from bad to worse for Ripple and its XRP token. As of the time of this writing, XRP’s price currently sits at approximately $0.56, and although this denotes an improvement over the last week where it dropped to $0.47, many are beginning to wonder whether XRP and Ripple will ever be able to recover from the ongoing lawsuit with the United States Securities and Exchange Commission.
For those who might be unaware, the situation between the SEC and Ripple could be summarized in the view that the XRP token allegedly possesses security-like functions. Ripple has since denied this, and after a lot of back and forth, the advantage would seem to rest with the SEC for now. In fact, some analysts and experts have even deemed Ripple’s recent actions of wanting the SEC to take a closer look at Bitcoin and Ethereum as desperate. Surprisingly though, the court has since approved of this motion, and a conference shall take place on April 6th.
Meanwhile Jed McCaleb continues to cash out his XRP
Jed McCaleb, Ripple’s Cofounder, has recently moved a massive amount of XRP. He cashed out tokens amounting to almost 127 million within the previous 15 days and still has 336 million left in his ‘tacostand’ crypto wallet. Judging from the reports generated by analytics and transaction scan websites, McCaleb had made a transfer a day for the previous 15 days each, and through this method, he was able to move an overall amount of 126.6 million coins. In terms of fiat currency, this would be akin to just below $71 million.
McCaleb had served as the CTO of Ripple Labs, which was formerly referred to as OpenCoin and had eventually been rebranded as the former. He had also acted as cofounder alongside Chris Larsen. However, a dispute with Larsen had resulted in McCaleb resigning and ultimately going on to form his own cryptocurrency by the name of Stellar, complete with its own native token XLM. McCaleb nevertheless received 9 billion XRP as compensation for his contributions and has been selling this in minuscule lumps ever since.
McCaleb sells millions in XRP as the dispute with SEC continues
It should be mentioned that despite McCaleb making sales frequently, the price of XRP has not been impacted too much because of this.
As the legal battle between Ripple and the SEC rages on, McCaleb seems to have been spared as the main focus of the SEC appears to be primarily on Brad Garlinghouse and Jed’s former partner, Chris Larsen.