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Ripple co-founder Jed McCaleb is now selling more of his huge XRP treasure, according to a leading cryptocurrency researcher.
Leonidas Hadjiloizou of XRPArcade says data from the XRP Ledger shows that McCaleb now owns about 3.836 billion XRP and is accelerating the pace at which he sells his cryptocurrency for cash in line with a transaction deal he entered into with Ripple in 2016.
For the first year of the deal, McCaleb was able to collectively sell 0.5% of XRP’s average daily volume for each day of the week, including weekends and holidays. In the second and third years, it could sell 0.75% and in the current fourth year it sells up to 1%.
After the fourth year of the agreement, McCaleb will be able to sell up to 1.5% of the average daily volume.
As XRP’s trading volume has increased in parallel with its rapid increase in value, McCaleb is free to sell at a faster pace. At the current pace, Hadjiloizou He says it will run out of XRP to sell in just over a year.
“After the radical XRP volume increase (according to CMC) it made sense that Jed would increase his sales, as per agreement with Ripple.
Today 9.9 million XRPs were sold, making it a new ATH of Jed’s sales. At this rate, JED 3.836 billion will run out after 387 days.
Keep in mind that, according to the agreement between Jed and Ripple, the amount it sells changes every week (every Sunday). This means that for each of the next 6 days it will sell this amount. “
The impact of McCaleb’s constant selling pressure has long been a subject of debate among crypto analysts and investors.
Analyst Mati Greenspan did this She said it is not possible to sell off more than 2% of the total circulating supply of a token without influencing the price at least a little. Meanwhile, fellow analyst Credible Crypto He says believes the volume is too small to change the long-term trajectory of the third largest cryptocurrency.
Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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