Ripple co-founder Jed McCaleb has increased the amount of XRP he is selling from his massive stockpile.
XRP analyst Leonidas Hadjiloizou says that, according to data from the XRP Ledger, McCaleb currently owns around 3.836 billion XRP, and that due to the increasing average daily trading volume of XRP, he is now able to sell his XRP at a faster rate than before.
You see, according to the terms of the settlement agreement he reached in 2016, McCaleb is able to sell up to 1% of the average daily volume of XRP. Since the huge increase in the price of XRP over the past few weeks has resulted in much higher trading volumes, McCaleb has taken advantage of this fact to legally increase the sales of his XRP.
On November 29, Hadjiloizou estimated that at this rate, McCaleb’s XRP holdings will be all in 387 days:
Hadjiloizou continued, explaining some of the limitations of McCaleb’s deal to sell XRP on the open market.
“Bear in mind that according to the deal between Jed and Ripple, the amount he sells changes every week (every Sunday). This means that for each of the next 6 days he will be selling this amount.”
Quantum Economics founder and crypto analyst Mati Greenspan previously commented that it would be impossible for McCaleb to sell off his massive stake in XRP without negatively influencing the altcoin’s price.
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