This article comes fromU.Today, by Yuri Molchan
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Odaily Translator |
Researcher Leonidas Hadjiloizou believes that Ripple co-founder and former CTO Jed McCaleb has currently stopped selling his XRP holdings.
Hadjiloizou believes that the reason may be that the SEC announced on December 21 that it would file a lawsuit against Ripple.secondary titleJed McCaleb Suspends Regular XRP SalesJed McCaleb left Ripple in 2013,According to a settlement agreement signed in 2014,He cannot dump all of his 9 billion XRP onto the market at once.After revising the details of the agreement in February 2016,
McCaleb donated 2 billion XRP to charitable foundations and agreed to new sales limits on the remaining 5.3 billion XRP he and his family own,Deposit it into Ripple's escrow account. After McCaleb regularly receives XRP from Ripple, he usually sells a large portion of it and it becomes routine.
As reported in early December,According to researcher Leonidas Hadjiloizou,
Jed McCaleb sold over 29.5 million XRP in one day (Dec. 6). At the current pace, McCaleb will be able to sell a total of 207 million XRP in a week, according to his estimates. A year ago it took him 300 days to sell 207 million XRP, 689395.68 XRP per day; now it only takes 7 days. “While the massive spike in XRP volume happened 10-14 days ago, this had an impact on McCaleb’s sell-off 1-2 weeks later. This means McCaleb is now selling way more than the current market can bear.”And Hadjiloizou said as early as the end of November,Data shows that Jed McCaleb is accelerating the pace of selling cryptocurrencies for cash, in line with an amended agreement he reached with Ripple in 2016. In the first year of the agreement, he was able to sell 0.5% of the average daily volume of XRP per day. In the second and third years, he can sell 0.75%, and in the current fourth year, he can now sell 1%. After the fourth year is over, McCaleb will be able to sell 1.5% of the average daily volume. As XRP's transaction volume surged as its value rapidly increased, McCaleb was free to sell at a faster rate.However, the situation seems to have changed recently. On December 9, Jed McCaleb received 266,305,309 XRPs from Ripple; on December 23, he received another 133,152,654 XRPs.According to data on the Bithomb chain,
McCaleb's last XRP sale from his wallet "~tacostand" was on Dec. 23, when
Ripple and two executives have been sued.
Leonidas Hadjiloizou also discovered this. He tweeted that Jed McCaleb had suspended the sale of XRP. He was not sure whether he himself stopped or Ripple was forced to stop and affected McCaleb's sales.
One Twitter user believes McCaleb is concerned after the SEC filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen. McCalleb, who is also a Ripple co-founder, has been selling XRP, just like Larsen and Garlinghouse (who are accused of selling unregistered investment contracts — securities). Maybe it was his realization that he might have to hand over some of the money as a fine.
Hadjiloizou mentioned on Twitter that according to the original plan, Ripple will release nearly 1 billion XRP from the escrow account on January 1, 2021.
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