Altcoins, Cryptocurrency, News, Ripple (XRP)

Ripple Transfers 182M XRP To Its Former CTO Jed McCaleb

Whale Alert has revealed that about ten hours ago, a tech provider on the Ripple Blockchain withdrew another billion XRP from its escrow account.

The cryptocurrency decacorn also moved about 182 million XRP to a wallet traced to belong to the former CTO and co-founder Jed McCaleb.

1 billion XRP Escrow Move

The regularly scheduled releases of 1-billion XRP stashes are still on track with Ripple. According to the recent tweets from Whale Alert, a popular crypto tracker, the massive amount of XRP unlocked about 8 hours ago.

The withdrawal was made three times – 100 million, 400 million, and 500 million XRP. The equivalent worth of the tokens unlocked in fiat currency totaled about $760 million, approximately converting at the current price, $0.7337.

However, 900 million from the unlocked amount was locked again in an escrow wallet while 100 million was sent to the Ripple wallet for subsequent use. As stated in the rule, a part of the amount unlocked should be sent to crypto exchanges and other Ripple customers, including financial institutions, to further boost the liquidity of XRP.

For several years now, Ripple has been unlocking a billion XRP on the first day of the month.

Ripple Co-founder Credited 182.3 million XRP

The co-founder of Ripple Labs (regarded as Opencoin initially) and at the same time the first CTO of the firm, Jed McCaleb, was credited with another huge portion of XRP tokens. He was credited with a whopping 182.3 million XRP in his Tacostand Ripple Wallet. This is a settlement agreement made between McCaleb and Ripple Labs.

As of the time of compiling this article, the token stash is worth $138,747,891 in fiat. The transaction was made about 10 hours ago, as cited and published by Whale Alert.

With the rate Jed McCaleb has been selling his XRP holdings regularly on crypto exchanges, the community predicted and believes that he will soon run out of his holdings by August ending or latest early September.

According to data from XRPscan, McCaleb’s Taco stand wallet has about 682 million XRP, which is about $522 million in fiat.

XRP is still in the $0.7 range

XRP – the 7th largest crypto in the space – is still trading in the $0.7 range, with the current price at $0.758599 as of the time of writing.

After the May 22 decline, the token has not recovered to the $1 price mark since it surged to $1.9 on the 14th of April. However, the coin spent a month ranging around $1.5 but eventually dipped below $1, which has been difficult to recover since.

Leave a Reply

Your email address will not be published.