Ripple co-founder sells 2.5 million XRP every day in May. Redple co-founder Jed McCaleb continues to sell his XRP, and in May he sold an average of 2.5 million XRP every day. McCaleb is the co-founder of Ripple and the founder of the Mt. Gox cryptocurrency trading platform. According to his agreement with Ripple, this pioneer of the crypto world will continue to receive millions of dollars in XRP in return for project creation and development. The agreement also stipulates the number of each sale of McCaleb, and in this way minimizes market impact. However, the agreement was revised in 2016, adjusting McCaleb’s sales restrictions based on a percentage of the average daily trading volume.
According to addresses known to be owned by McCaleb, McCaleb sold a total of 79,718,883 XRP in May, which was worth more than US$16 million at press time. In the past 30 days, all XRP outbound transactions were sent to an external XRP address, where XRP was exchanged for USD through Bitstamp.
In short, McCaleb sells an average of 2,571,577 XRPs per day, worth more than US$500,000, while the address (pictured below) still holds more than 6 million XRPs. However, each sale of McCaleb is very transparent, and it does not have a significant impact on the market.