Former Ripple founder Jed McCaleb has stopped selling XRP tokens for a while now and it’s a mystery why.
Jed McCaleb temporarily stops selling XRP
Ripple has seen a price drop in recent days. The price fell again by about 4 percent today as the crypto market has still not managed to recover from the price drop that took place last week.
While the Ripple price is slightly less negatively affected by the SEC lawsuit than before, some crypto experts argue that the case continues to plague the XRP price. In addition to the lawsuit, analysts often cite the continued sale of McCaleb as a negative factor as well. The former founder of Ripple receives a huge number of XRP tokens every month from the company as a kind of severance payment. He then dumps these tokens on the market, which creates a lot of selling pressure.
Ripple has to transfer a total of 9 billion XRP tokens to McCaleb and it seems that Ripple has now transferred most of the tokens it had to pay. Despite the fact that the monthly deposits will almost stop, McCaleb still owns a huge number of XRP tokens (about 709 million).
It is striking that data shows that he has not sold anything since the beginning of this month. This is despite Ripple sending him 174 million XRP earlier this month. This is particularly striking as the agreement reached between the two parties states that McCaleb must sell XRP tokens every day. So it’s a mystery why the sales that should be happening every day have stopped.