Ripple co-founder Jed McCaleb sold another 28.6 million XRP this week, despite SEC allegations against Ripple Labs Inc and upcoming litigation.
Jed McCaleb continues to dump XRP tokens despite the project’s legal problems. The former co-founder sold another 28.6 million coins. At the time of this writing, the deal is estimated at $ 8.58 million.
Jed is back
After a 25-day hiatus, McCaleb returned to selling XRP, according to cryptocurrency data analyst Leonidas Hadjiloizu. The expert noted that McCaleb paused only the second time in all the time.
The first time I delayed cashing in tokens was when a charity was selling its donations.
Hadjiloizu believes McCaleb took a 25-day break on the advice of a lawyer.
McCaleb sells XRP regularly In 2020, the former CTO sold over $ 400 million worth of XRP.
During his work and after leaving Ripple, McCaleb received approximately 4.7 billion tokens. Apparently, he has no plans to stop until he sells everything he has.
SEC launches XRP sales
The U.S. Securities and Exchange Commission (SEC) has filed charges against the company, as well as co-founder Christian Larsen and current CEO Bradley Garlinghouse.
The SEC said in a statement that Ripple raised more than $ 1.3 billion in funds through the illegal sale of unregistered securities.
Several major exchanges have already stopped XRP trading on their platforms. Most likely, the sites are trying to distance themselves from the problematic coin due to the claims of the regulator.
For Ripple, 2021 did not start well. The young project Polkadot bypassed XRP in terms of market capitalization. Polkadot is now ranked fourth on CoinMarketCap’s rankings as the project’s price skyrocketed to new all-time highs.
Over the past few weeks, XRP token has dropped significantly. After a massive rally at the end of 2020, the coin’s price plummeted by more than 50%. XRP is currently trading at $ 0.28, up from $ 0.60 in mid-December.
Ripple still has hope
Ripple may be in the spotlight that will not go well for him. The head of the company Bradley Garlinghouse was delighted with the appointment of Gary Gensler to the post of head of the SEC. He wrote about this on his twitter. Gensler is called a supporter of bitcoin and blockchain technology in general.
Garlinghouse commented on the appointment, saying, “We are committed to working with the SEC leadership and the Biden administration as a whole to chart the trajectory for blockchain and cryptocurrency innovation in the US.”
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