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McCaleb DUMPS 240,000,000 XRP This Month, Will He Run Out Soon?


A lot of people have been wondering, when McCaleb is going to run out of XRP?

The former XRP founder bought billions of XRP tokens during the infancy of Ripple, and has been periodically distributing them to the market

Some speculate that McCaleb will have completely dumped all of his XRP into the market sometime around September of this year.

Short term, this means a depression in price, but long term it will be good for the tokenomics of XRP which aims to be used as a cross border settlement solution above all other things.

Take a look at what’s been happening with XRP:

AMB Crypto had this to say:

Ripple, the San Francisco-based fintech firm, has been trending in the news for quite a while now. Well, mostly because of the ongoing litigation filed by the SEC against it, a lawsuit which commenced last year in December. At the time, the Securities and Exchange Commission charged Ripple, Co-founder Christian Larsen, and CEO Brad Garlinghouse with conducting an illegal securities offering that raised more than $1.3 billion through sales of XRP.

Thanks to wider market corrections, XRPโ€™s price action has been suffering of late. Having hit an ATH not so long ago, at the time of writing, XRP was trading just below the $0.60-mark with a correction of about 5% in 24 hours.

Hereโ€™s an interesting aspect โ€“ Even though the altโ€™s price suffered, a former Ripple exec dumped around 240 million XRP this month, a period during which the value of the digital asset has collapsed from $1.09 to $0.593.

Protos, added:

Indeed, McCaleb will soon be all out of XRP to dump.

This comes years after the extravagantly public fallout between the serial blockchain entrepreneur and Ripple Labs.

McCaleb helped found Ripple Labs (called OpenCoin Inc. at that time) in 2012. Heโ€™s now on Forbesโ€™ billionaire list, ranked #1168 with a net worth of $2 billion.

By 2013, tensions with former Ripple chief exec and current board chairman Chris Larsen had run high (according to Observer, which detailed โ€œsex, huge money, fraud, genius, betrayal, international intrigue, and government raids.โ€)

In 2014, McCaleb left a threatening post on claiming heโ€™d soon sell his entire XRP stake, equal to 12% of the tokenโ€™s supply and worth just $45 million at the time.

โ€œI plan to start selling all of my remaining XRP beginning in two weeks,โ€ he wrote. โ€œBecause I have immense respect for the community members and want to be transparent, Iโ€™m publicly announcing this before I start.

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