Categories: News

XRP record volume could empty Jed McCaleb’s holdings as early as June

  • The former Ripple CTO’s XRP sales reached 58.6 million XRP last week.
  • Due to the massive spike in trading volume, McCaleb’s XRP holdings could hit zero well before August.

The XRP sales of Jed McCaleb, the co-founder of Ripple and current Chief Technology Officer (CTO) of Stellar, continue to raise a lot of attention in the crypto community. First and foremost, the theory that McCaleb is permanently depressing the XRP price with his XRP sales continues to be ubiquitous, even though it has already been disproven.

In any case, McCaleb has been selling 8.4 million XRP per day over the past few weeks, which adds up to 58.6 million XRP for the week, as XRP community member Leonidas Hadjiloizou reported yesterday. This brings the 2021 sales volume to 1.378 billion XRP, which is already significantly more than the 2020 total, when the former Ripple CTO sold 1.199 billion XRP.

As reported by CNF, Jed McCaleb received a total of 9 billion XRP when he left Ripple Labs. The funds were given to him as a reward for co-founding Ripple. However, the company and he made an agreement to protect the price of the XRP token and stipulated that only a limited amount of XRP could be sold per day. This is calculated based on the trading volume of XRP 2 weeks ago.

Due to this, the recent massive increase in trading volume is not yet reflected in the sales of the last week. Together with the fabulous increase in the XRP price, the trading volume has also skyrocketed. CoinMarketCap reported last weeks highest XRP volume ever recorded at $36,955,175,105 in one day. “At the same time, the record for the highest weekly volume (Sunday to Saturday) was broken this week with a day to spare.”

As Hadjiloizou further explained, McCaleb’s turnover will not increase until April 18 (next Sunday). Presumably, there will be new highs in sales then. The analyst estimates that they will exceed 40 million XRP per day.

httpss://twitter.com/LeoHadjiloizou/status/1381143490038538241

When will McCaleb run out of his XRP?

To keep track of sales, there is a website that can be used to track sales. Currently, there are 2,069 billion XRP left on McCaleb’s wallet. According to the data, based on the 1-week average (11,565,365 XRP), his holdings will be completely emptied in about 176 days, which is early October.

Using the 3-month average (15,556,195 XRP) as a basis for calculation, it would take only 130 days, until mid-August, for McCaleb’s account to be at zero. However, it could be much faster if XRP volume remains high. Assuming McCaleb actually sells 40 million XRP per day and maintains that pace (which doesn’t seem realistic), it would only take about 52 days (around early June) for the XRP community to have one less thing to worry about.

Source: httpss://jed.tequ.dev/

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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