On the 16th of July, Jed McCaleb will be exhausting his XRP holdings. The former Ripple co-founder had been selling millions of XRP since 2014.
While leaving Ripple eight years ago, Jed announced that he would be selling off his XRP in batches. The crypto founder and developer made this known to the XRP community members out of respect and regard for the participants.
Jed got 9 billion XRP tokens as a co-founder of Ripple in 2011. While exiting to focus on a new project, he stated that he had no intentions of holding on to XRP.
However, to calm the panic then, he notified community members that his plans to sell off will be executed gradually. It took Jed 8 years and one month to completely offload his holdings.
This week, the Stellar co-founder will be selling off 4.215 million XRP daily. This selling spree will culminate on the 16th, relieving some selling pressure for the blue-chip asset.
Will Ripple (XRP) Soar After The Huge Sell-Off?
It is unlikely to see XRP moon immediately after Jed finishes offloading his XRP bag. However, one thing is sure. The Ripple Token will no longer battle with consistent sell pressure in the coming months.
This will be a huge relief for XRP holders. More investors may also be looking to load their bags this month and in the coming months.
From a broader outlook, the crypto market has been on a consistent decline. Bitcoin has struggled to trade above the $23K region in the last few weeks.
As historical data proves, the price action of XRP and many other altcoins depends on Bitcoin’s movement to an extent. If Bitcoin soars in the coming weeks, we can expect XRP to see some gains. However, a further plummet in Bitcoin’s price will be bad for XRP holders.
