Jed McCaleb, who was entitled to a hefty compensation of 9 billion XRP after leaving the Ripple company and has gradually sold the XRPs he bought in pieces since 2014, when he founded Stellar Lumens, will no longer be able to sell, thus putting the sales pressure he has created on the XRP price for years. will not create.
McCaleb announced that after he agreed with the Ripple company on compensation, he would constantly sell the XRPs he received. The XLM founder then entered into an agreement with Ripple executives and agreed to a staggered acquisition rather than a wholesale sale. Here is the last part of XRPs, which McCaleb received as compensation, was sold this weekend and the 9-year period officially ended. McCaleb sold all 9 billion XRPs he bought in 8 years. XRPs sold by Stellar's creator accounted for about 19% of the total supply.
After McCaleb completed his sales, the numbers began to emerge more clearly. It is seen that the famous investor has obtained 708 BTC as well as $ 3 billion from XRP sales. It is also worth noting that most of McCaleb's sales came after the "sell of unregistered securities" lawsuit filed by the SEC.
McCaleb sold $2.56 billion worth of XRP after the lawsuit was filed on December 20, 2020. McCaleb, who converted the XRPs he sold before the SEC's lawsuit, to Bitcoin, did not convert any XRP to Bitcoin after the lawsuit and remained in the dollar. All 708 BTC obtained belonged to pre-litigation sales.
After bottoming out in the range of $0.3 - $0.32 at the beginning of July, XRP entered a recovery process in the last two weeks with the general market and saw a value increase of close to 15 percent. XRP gives the first significant reaction in July after slowing down in June after the steeply accelerated downtrend that started in April. XRP currently maintains its position as the 6th largest cryptocurrency with a market cap of $17.6 billion. As XRP's parent company, Ripple, continues its legal battle with the SEC, an important decision in favor of Ripple in the last lawsuit caused enthusiasm among XRP investors.