According to activity data from sources, Co-founder at Ripple, Jed McCaleb, proceeds to sell more of his XRP holdings. Jed has managed to sell more than 240Million XRP tokens in this month of June, with around 431 Million tokens still remaining in his tacostand wallet.
As a member of the founding team at Ripple, Jeb McCaleb actively participated in the launch of the company back in 2013. After leaving the company the next year in 2014, Jed went on to work at the company Stellar (XLM), so as a reward for his work in the development and establishment of OpenCoin, he later changed back to Ripple, he was compensated with around 8Billion XRP tokens in return.
McCaleb has been receiving funds based on a static schedule and clearly stated in the XRP forum that he intends to sell all of the received funds as soon as get gets them because it’s not worth holding any of these tokens. McCaleb has also taken part in donating a chunk of the funds as well, helping out charities such as Literacy Bridge, Give Directly, and a few others.
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McCaleb has been consistent in selling the XRP tokens, and according to statistical data provided by sources such as TradingView, Jeb has sold more than 240Million XRP tokens, which cost around $148Million at the time of writing. The data clearly shows that McCaleb has no plans to stop his selling intent. The token has seen a downfall in price compared to previous years, now selling less than 3$. Despite the recent lawsuit presented against ripple by the United States Securities and Exchange Commission, McCaleb hasn’t shown any signs of reluctance in selling out the XRP tokens, meaning that He just wants to get rid of them now. The lawsuit mentioned that two of Ripple’s executives have been able to earn more than $1.3Billion using an offering that was unregistered on the network.
The value of the XRP token was also affected by the recent huge market drop regarding the concern of Bitcoin’s negative Carbon emission rate. Because of this, more and more investors are switching to more environmentally friendly and energy-saving cryptocurrencies. According to some reports, Ripple stated last month that the company would be completely carbon-free by the year 2030.