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Here’s what you need to know about Ripple’s former exec dumping XRP this month

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Source: Pixabay

Ripple and XRP have been hogging the news lately owing largely to the U.S. regulators’ claim that XRP was a security. While the case is still in progress, the XRP community remained vigilant about Jed McCaleb (Former Ripple exec) spending his XRP.

It is no secret, that the former CTO of Ripple has been gradually selling his XRP. However, there has been much debate about its impact on the XRP price. Although the sum was not significant enough to cause any price fluctuation, there have been discussions of XRP price witnessing a surge as soon as McCaleb was done selling his share of XRPs.

As per data provided by XRPscan, McCaleb’s “tacostand” crypto wallet has moved nearly 57 million XRP to exchanges, which can be sold at any time.

Source: XRPscan

From the beginning of the month, there were 11 outgoing transactions noted from the wallet. These transactions were largely divided into sums of 4.39 million and 6.55 million XRP. This amounted to a total of nearly 57 million XRP which was an equivalent of $51.30 million at the exchange rate of $0.90.

On 1st August, Ripple received 1 billion XRP from escrow out of which it returned 900 million. Out of the available sum, Ripple transferred a lump sum of 182.3 million coins to McCaleb’s address. After moving nearly 57 million, the current balance of “tacostand” wallet stood at 646.59 million.

Meanwhile, XRP was reporting a 25% surge in its value since the beginning of the year. At the time of press, it was trading at $0.8782 with a market capitalization of $40.81 billion.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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