The culmination of 2017 bull-run gave rise to scores of crypto millionaires and a few billionaires. Jed McCaleb, co-founder of Ripple was one of the very few who made the list. On his exit from Ripple in 2013, McCaleb held 9 billion XRP and had signed a contract with Ripple to ensure that no huge XRP dumps would take place. However, there have been allegations of McCaleb selling hoards of XRP, but an active XRP member put these allegations to rest.
Twitter user @LeoHadjiloizou identified accounts used by Ripple to send XRP to McCaleb’s XRP selling wallet and charted out the sales of XRP over-time by the co-founder. Leonidas tweeted:
These are the XRP sent from rEhKZcz5Ndjm9BzZmmKrtvhXPnSWByssDv to rLkMJhSVwhmummLjJPVrwQRZZYiYQhVQ1A (the wallet that sells Jed's XRP). When the XRP get there they always get sold so this is the amount of Jed's XRP being sold, compared to the daily CMC volume.@XrpCenter pic.twitter.com/cPZs5bD0Ap
— Leonidas Hadjiloizou (@LeoHadjiloizou) November 16, 2019
According to their deal, Ripple has control over McCaleb’s XRP and it holds it in 3 distinct accounts and 1 account through which it sold XRP via Bitstamp.
Thus, the wallet addresses mentioned by Leonidas, are associated with Ripple and indicate a moving of XRP from their wallets to the address that sells McCaleb’s XRP. The chart provided by the Twitter user called attention to the sale of XRP and compared it to the daily CoinMarketCap volume.
Even though the chart reflected similarities between McCaleb’s XRP sales and XRP volume on CMC, the Twitter user pointed out that a “huge” percent of the total volume was fake. The sale of XRP took place according to the deal with Ripple and saw a no-sell period between January 2019 and June 2019, indicating that McCaleb’s XRP sale has not amounted to a large figure that could cause market instability.
“… a huge % of the total volume is fake. I wanted to check if the sales are being calculated based on a different metric, like the volume from crypto compare. The graph doesn’t seem to suggest that anything changed.”
After revising a few details from the contract in February 2016, the new deal asked McCaleb to donate 2 billion XRP and noted that even though he retained ownership of the 5.3 billion XRP, Ripple will control its release. According to the data, the co-founder has managed to sell half the XRP he received and was left with approximately 4.5+ billion more.