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Ripple co-founder Jed McCaleb has increased the amount of XRP he is selling from his massive inventory.
XRP analyst Leonidas Hadjiloizou says McCaleb currently owns approximately 3.836 billion XRP, according to XRP Ledger data and that, due to the increase in XRP’s average daily trading volume, he is now able to sell the its XRP at a faster pace than before.
You see, under the terms of the settlement agreement reached in 2016, McCaleb is able to sell up to 1% of XRP’s average daily volume. As the huge increase in the price of XRP in recent weeks has led to much higher trading volumes, McCaleb has taken advantage of this fact to legally increase sales of his XRP.
On November 29, Hadjiloizou estimated that at this rate, McCaleb’s XRP holdings will all be in 387 days:
Hadjiloizou went on to explain some of the limitations of McCaleb’s agreement to sell XRP on the open market.
“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. “
Quantum Economics founder and cryptocurrency analyst Mati Greenspan had previously commented that it would be impossible for McCaleb to sell his massive holding in XRP without negatively impacting the altcoin’s price.
Featured Image Credit: Photo via Pixabay.com
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