Ripple co-founder Jed McCaleb appears to have enjoyed a prosperous 2020, having sold more than $400 million worth of XRP over the last 12 months.
Stellar CTO and Ripple architect Jed McCaleb cashed out a whopping $411 million in XRP in 2020, according to an updatedÂ reportÂ from blockchain analytics account Whale Alert.Â
McCaleb sold 1.2 billion XRP throughout the year at an average price of $0.34 per coin â€” amassing close to half a billion dollars. The sum reportedly represents 27% of McCalebâ€™s XRP stash that is held in a settlement account with Ripple Labs, and marks a sharp acceleration of his sales to date. He sold roughly one billion XRP in the five yearsÂ between 2014 and 2019.
By Whale Alertâ€™s estimations, the combined value of McCalebâ€™s current and liquidated XRP holdings is approximately $1.2 billion, placing him high on cryptoâ€™s rich list.
McCaleb also appears to have timed his sales well, with RippleÂ currently facing lawsuitsÂ from both the SEC and from a major investor who participated in the firm’s $200 million Series C funding round in 2019.
McCaleb controversially received a co-founders reward of 9.5 billion XRP when he left Ripple Labs in 2014. During the same year, McCaleb signed an agreement with Ripple Labs that limited the amount of XRP he can sell per week in order to avoid negative pressure on the market.
Despite receiving widespread criticism, McCaleb has repeatedlyÂ sought to assureÂ investors that his selling has not impacted the price of XRP.Â McCalebâ€™s agreement with Ripple Labs comes to an end in 2023.
On Jan. 1, 2020, McCaleb received 477.7 million XRP from his settlement account with Ripple Labs. McCalebâ€™s associated wallet still holds 652.1 million XRP â€” worth approximately $147 million at current prices.
In the original report on McCaleb’s XRP sales in February, Whale Alert warned of the potential risks associated with a single entity wielding such a significant economic influence over a project with which they are no longer involved:
â€œWhether or not you believe the future is bright for blockchains like Ripple, the economic power and consequences of whales like Jed McCaleb cannot be ignored…â€