Jed McCaleb Got 9 Billion XRP Tokens from Ripple. Jed was one of the most important Ripple Executives back in the day. In 2014, however, he disagreed with Chris Larsen and left Ripple.
He subsequently co-founded Stellar Lumens and is still the CTO of the Ripple rival to date. Before he left Ripple, McCaleb received more than 9 billion XRP tokens as compensation. All Ripple founders received their share of XRP tokens at the time and this was part of what made the company controversial. Members of the cryptocurrency community bashed Ripple for having too much control of the token and selling unregistered securities.
Many people saw the token as nothing more than a scam that was created to rub people of their money and enrich the founders.
Before receiving his XRP tokens, McCaleb and other founders agreed not to sell all their tokens at once to avoid crashing the token. This is why they sell their tokens in smaller portions rather than selling everything at ones. This explains why McCaleb has been selling XRP tokens in certain percentages.
The 60 million that was sent to McCaleb today is the last of the total amount of the 9 billion. In the original deal, McCaleb was only allowed to sell less than 0.5% of his tokens in 24 hours. In the second year after he left, the contract was revised and he was allowed to sell up to 0.75% daily. In the fourth year, he was allowed to sell up to 1% daily. Now, McCaleb can sell up to 1.5% of his holdings at a time.
XRP Price Falls Below the $0.3000 Level and has not been Able to Move Higher
In other news, the XRP token has been suffering since it fell below the $0.300 level a few days ago. At the time of writing, the price of the token was $0.2877. This means that it is down by 2.33% against the USD and down by 1.64% against BTC. It is not clear how long the price of the token will remain in its current price range.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple’s Former Executive Jed McCaleb Gets About 60 Million XRP Tokens
- XRP Price Falls Below the $0.3000 Level and has not been Able to Move Higher
All current and past Ripple executives have a significant supply of XRP tokens in their wallets which is given to them as compensation by Ripple. Yesterday, the former CTO of Ripple, Jed McCaleb, received 60 million XRP tokens in one of his XRP wallets.
This 60 million XRP token is worth about 17 million 500 thousand XRP tokens at current prices. Even if he left Ripple a long time ago, it is not a surprise that he still has a large supply of XRP tokens in his possession.