Ripple’s founder stops dumping his XRP bag from second half of January 2019

Jed McCaleb, the current XRP opponent and the co-founder of Ripple has stopped dumping his bag of XRP since January 22, 2019.

The legal contract between Ripple and Jed McCaleb stated that he could dump XRP as per the stipulated percentage of the daily volume of XRP. As per details obtained from Bithomp, McCaleb’s account shows that it has stopped dumping XRP since January 22, 2019.

Moreover, it can be seen that the total available balance in the wallet [rLkMJhSVwhmummLjJPVrwQRZZYiYQhVQ1A] at the time of writing was 29.99 XRP [worth $84.24]. Jed McCaleb’s XRP wallet is named “tacostand”.

The last transaction that took place on January 22, 2019, and a total of 2,167,000 XRP [worth $683,254.70] were dumped with a total fee of 0.000012 XRP. The next significant dump was seen on January 11, 2019, where a total of 134,482.49 XRP [worth $46,222] was dumped on January 11, 2019.

The deal between Jed McCaleb and Ripple was struck two times, the first deal was in 2014 and the second was in 2016. The deal would outline how much McCaleb could dump to avoid serious price altercations due to massive dumps.

When McCaleb allegedly broke the terms of his deal, Ripple filed a lawsuit, which continued for a very long time which resulted in a second deal, in 2016.

The details of his second deal would give Ripple the authority of the XRP held by him and his children the rights to dump it. Further details include McCaleb, donating 2 billion of his XRP to a charitable donor-advised fund of his choice, which would also fall under the terms for dumping XRP.

Moreover, the deal allows McCaleb to dump XRP equivalent to 0.5% of the average daily trade volume in his first year for each day of every week, even during holidays. The second year would allow 0.75% and the year after that would allow 1%, followed by 1.5% of the daily average trading volume of XRP.

Jed McCaleb’s address mentioned above contains only 29.99 XRP, other known addresses of McCaleb include:

  • rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US – 4.668 billion XRP [$1.4 billion] – owned by Ripple
  • r4LxkCUXYTCUgwquN3BnsUxFacoVLjGFyF – 75 million XRP [$22.5 million] – owned by Ripple
  • rEhKZcz5Ndjm9BzZmmKrtvhXPnSWByssDv – 69.615 million XRP [20.88 million] – owned by Ripple
  • rshGD78D7CYMawH4Gbg3svfRptUeq8Mm1T – 20.99 XRP [$6.19] – owned by ~tacostand
  • Another, suspicious wallet “rnNqkPMMnrFdiq7uN1r4uAjq7Tvab4xgvL” was seen receiving a 1.8 billion [1,839,999,921] XRP worth $5.5 billion to the address no. 4 on March 03, 2016 at 01:25 UTC.

    The crypto-enthusiasts in the community speculate that there could something going on under the hood with McCaleb’s deal because Ripple was automatically dumping XRP every day and has been dumping since 2016. The community even speculated that there could be a new deal that must have occurred between Ripple and McCaleb.

    @xbulletproof1, a Twitter user commented:

    “It’s clear he’s wanted to sell faster. I’ve been curious why they didn’t reach a deal for his stash to be the OTC XRP. Maybe that’s what has happened? Ripple approved a company to buy from him for a while?”

    Another Twitter user, bryan99CA commented:

    “David Schwartz said Jed may be the first guy to become a billionaire despite his own best efforts.”

    Be the first to comment

    Leave a Reply

    Your email address will not be published.


    *