A recent Medium post from blockchain monitor Whale Alert showed that Stellar CTO Jed McCaleb sold off more than 1 billion XRP between 2014 and 2019.
The post attempted to analyze whether or not McCaleb's sale of XRP will affect the price of the crypto.
Ripple comments on McCaleb's seven-year agreementOn Aug. 14, 2014, Ripple wrote a post on a company forum explaining McCaleb's settlement of his XRP earnings.
The article details how XRP was distributed among Ripple's original founders, noting that 20 billion XRP was divided among those individuals.
McCaleb stated that his intention was to sell his portion of XRP. In turn, Ripple Labs engaged with McCaleb to enter a seven-year contract that would ensure the responsible distribution of his XRP stake in a way that would help grow the Ripple ecosystem.
"In 2016, we entered into a very structured agreement with Jed with the goal of ensuring distribution of his XRP holdings in service to a healthy, growing ecosystem without market disruption, with Ripple as custodian of Jed's XRP holdings. This agreement remains in place today. Much of this information is publicly available."
McCaleb told Cointelegprah that he is selling his XRP on Ripple's internal exchange.
XRP's price analyzedWhile McCaleb claims that his recent selling of XRP has not impacted XRP's market price, others beg to differ.
Founder of Quantum Economics and senior market analyst at eToro, Mati Greenspan, told Cointelegraph that McCaleb's XRP sales are likely a reason XRP has been underperforming lately.
Although logistically this may be the case, an anonymous, well-informed source told Cointelegraph that McCaleb hasn't been selling enough XRP to impact its price and that, overall, altcoins have been performing better than usual lately.
Stellar's Jed McCaleb Says His XRP Sell-Off Won't Disrupt Crypto Market
Published on Feb 19, 2020
by Cointele | Published on Coinage
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