Jed McCaleb, the founder of Stellar, has a balance of 220 million XRP to sell. The current worth of his XRP holdings in dollars amounts to $81 million. Data related to Jed’s XRP wallet can be found on Xrpscan.
Jed co-founded Ripple in 2011, leaving the founding team about three years later. Despite dropping the mantle with Ripple labs, the blockchain developer has received royalties for his contributions to the project.
In May 2014, when Jed was leaving Ripple, he made a public announcement that he would be selling his tokens gradually. He was transparent with the community and revealed that he had received almost 9 billion XRP tokens from the project. He also added that some of the tokens received were donated to charities like Literacy Bridge and Give Directly.
So far, the philanthropist has sold off 464 million XRP tokens at varying prices. Jed McCaleb’s wallet still contains over 200 million tokens that will likely be offloaded in the coming months.
Ripple’s Battle with Value
The XRP token has seen significant highs and lows since its launch in 2012.
In 2020, Ripple was charged to court by the US Securities and Exchange Commission. Ripple was accused of raising billions of dollars through an unregistered asset securities offering. The price of Ripple dipped massively during that period due to fear and uncertainty among XRP holders.
However, Ripple defended the case well, and the token’s price bounced back from its lowest low.
Around April this year, Brad Galinghouse, the current CEO of Ripple said the battle with the SEC had gone “exceedingly well.”
Since that announcement in April, on-chain data reveals that XRP whales have been accumulating the token. In the past eleven days, whales who own between one million to ten million XRP tokens have increased their holdings by 2.4%. XRP currently trades at $0.4, boasting a 4% increase from the previous day.