Former Ripple CTO Jed McCaleb became immensely wealthy thanks to his early investments in cryptocurrency, especially when he founded Ripple. However, the former CTO once again transferred a significant amount of XRP, according to data from XRPscan. Jed McCaleb received nine billion XRP repayments for helping found the company and initially playing the CTO role. After seeing a spike in growth at the beginning of the month, the price of XRP saw a reversal trend, and the altcoin has been in a bearish trend since April 18.
Now, according to analysts, it is seen that the XRP market has entered a new upward trend, and the trend is reversing on the charts. According to analysts, this allows altcoin to have stable gains in the past 24 hours. At the time of writing, XRP is trading at $ 1.40 and has a market value of over $ 63 billion. While the short-term price action looks promising, XRP lost almost 23% of its value last week.
According to data from XRPscan, Ripple co-founder Jed McCaleb has sold 202 million XRP from the “tacostand” wallet, named and activated while Jed McCaleb was working with Ripple in the past 10 days. The transactions in question correspond to a total of 231,899,940 dollars. XRP enthusiast and blockchain researcher Leonidas Hadjiloizou also followed Jed McCaleb’s previous XRP sales and regularly tweeted about these sales on several occasions.
What the researcher finds different about Jed McCaleb’s sales is that sales occur in small numbers. As Leonidas Hadjiloizou stated in his tweet, Jed McCaleb sells 22.6 million XRP instead of a daily sale of over 40 million XRP. In addition, Leonidas Hadjiloizou criticizes the former CTO’s still hold assets and comments: ‘Jed McCaleb’s XRP wealth could dry up by August or September of this year.’