Ripple co-founder Jed McCaleb has reportedly sold 1 billion XRP, nowhere near his entire stash. The crypto entrepreneur reportedly retains nearly 5 billion more.
XRP was trading for 28 cents at time of writing, making the transaction worth a quarter of a billion dollars.
Whale Alert calls McCaleb “one of the most famous” artificial whales it has ever looked at. It defines an artificial whale by its own metrics, saying an artificial whale got their assets for free. This would apply to McCaleb, who got much, if not all, of his XRP stash simply by being there at the start.
By tracking McCaleb’s funds and sales, Whale Alert was able to determine that he had received nearly 8 billion XRP over the course of his career. Recently, McCaleb has sold more than usual, clocking in a billion. They were able to attribute various addresses to him, and estimate that after his sales, he has about 4.7 billion remaining.
McCaleb is even deeper into Stellar/XLM, where he went when he left Ripple. In Stellar, he created another company not unlike Ripple Labs, with a slightly different focus. To date, one of the company’s main successes has been its partnership with IBM.
McCaleb is of course only one major holder who routinely dumps on the XRP trading community. Ripple Labs itself can be said to do the same, during its monthly escrow process. The company authorizes itself to sell up to a certain amount, but only ends up selling what it needs to, then the rest goes back into escrow.
The co-founder has an agreement with Ripple that is set to expire in 2020. Previously limited, he could soon sell as much as he wants. Some people didn’t like this idea.
Can't Ripple buy that fool out so he can focus let him on his shitcoin? He is beginning to get on my nerves
— Take Green Pill ↗️ (@GeraldSinclair9) February 7, 2020
— CryptoWhaleKIA ?? (@CryptoWhaleKIA) February 6, 2020
McCaleb is among the last of the digital cowboys to have ridden the crypto wave all the way to the top. He is apparently going to be featured in a documentary this year:
Good talking to you. Looking forward to the documentary. https://t.co/GpWXnbZNMR
— Jed McCaleb (@JedMcCaleb) December 6, 2019
The documentary is apparently called “Cryptonaires” and features more than just McCaleb. Even Justin Sun makes an appearance.
?NEW #Cryptonaires #Crypto #Documentary ? #Film Teaser – Behind the scenes – Closing Remarks “What is going on fellow Cryptonaires” Featuring Robert Beadles @RobertBeadles Founder of @Monarchtoken | #ada #ethereum #xrp #blockchain #bitcoin #cryptocurrency #xlm $neo pic.twitter.com/5lZRfOm8Ps
— Life’s Tough Media (@LifesToughMedi1) January 22, 2020
Sun, of course, would be considered another “artificial” whale by Whale Alert’s standards. He got the majority of his crypto riches when the Tron ICO took off. Sun is lavish by comparison to McCaleb, and publicly spends his money in big ways – notably buying a multi-million dollar dinner with Warren Buffett and inviting people like Charlie Lee.
Some predict that if Jed McCaleb continues selling his current rate, it will take him 20 years to sell all of his XRP. Others believe he might tank the market once the handcuffs are off. Only he can decide what he will do, and only time will tell.