The Ripple fintech giant has made another XRP transfer to McCaleb as part of the compensation deal. Despite all this, McCaleb’s XRP holdings continue to shrink.
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The Ripple fintech service provider has transferred a large amount of XRP to its first CTO, Jed McCaleb. McCaleb has received more than 291 million XRP tokens from the company, according to a tweet posted by the Whale Alert service, which tracks major digital currency transactions. McCaleb didn’t bother postponing the sale of XRP and sent nearly 10 million XRP to a crypto exchange.
Data shared by the Whale Alert Twitter bot shows that about seventeen hours ago, Ripple Labs transferred 291,570,224 XRP tokens to Jed McCaleb’s tacostand. This figure is equivalent to $192,347,323 at the current exchange rate.
The previous large XRP transfer to McCaleb’s XRP address was 408,123,659 (equivalent to $274,305,403 in fiat) sent by Ripple on June 3. After selling 9,859,906 XRP today, Jed still has 631,267,190 XRP left in his wallet.
Jed Is About To Finish Its XRPs
In 2013, a year after the founding of Ripple Labs (which started as OpenCoin that year and was rebranded a few years later), McCaleb decided to leave the company due to inconsistencies with fellow co-founder Christopher Larsen. He was awarded nine billion XRP compensation, but as per the terms of the agreement, McCaleb would not be able to sell all these XRPs at once so as not to drive the price of the coin to zero.
Since then, McCaleb has been receiving healthy XRP transfers and selling those amounts. Some in the community believe that Jed will run out of nine billion XRP by September.