If you’re an XRP enthusiast, you may be familiar with the monthly XRP release from escrow. XRP escrow was designed to provide predictability to the XRP supply and a part of which also is pocketed by the former Ripple executive, Jed McCaleb. McCaleb has not been shy about selling his XRP and data suggested, he sold nearly 150.7 million XRP just within the past three weeks.
Considering the data provided by XRPScan from 21st June to 12 July, McCaleb’s XRP sales hit 150 million [~$98.16 million]. Data suggested McCaleb’s selling became more consistent and in the recent weeks, we saw him sell nearly 10 million XRP every day since he received the previous payment from Ripple.
The former CTO’s wallet addressed as “tacostand” currently holds 590 million XRP.
McCaleb’s last two transactions consisted of 5,846,888.22 XRPs each. One of the transactions was conducted on 11 July and the second followed the very next day at the same time. During this period, the price of XRP was seen plunging.
Given the market volatility in June and the continuous selling by McCaleb, the XRP value crumbled under $1. At the time of press, selling pressure was high in the XRP market as the value of the digital asset fell from $0.6573 to $0.6356 within four hours.
The timing of the drop and McCaleb selling XRP has been eerily similar. The community suspects McCaleb to be one of the reasons for XRP’s low value and expected the price to rise once he is done selling the digital asset. With a balance of almost 590 million, the former Ripple executive could sell his XRPs by the end of August.