Jed McCaleb dramatically increases sales
Ripple co-founder left the company more than two years ago but he benefitted from the incredible boom in it and crypto generally. Now he's dumping his XRP.
The report is one of the reasons that Ripple is down 15% today and has given up a big chunk of last week's massive gain.
The WSJ reported yesterday that co-founder Jed McCaleb held about 7.3% of XRP when he left in 2016 but his exit agreement limited his sales to 0.75% of average daily volume.
Wallets connected to him followed that with 20,000-40,000 sales a day. However, starting in August he started selling dramatically more at nearly 500,000 per day and 752K on one day, according to the WSJ.
Last Wednesday as Ripple was attempting comeback, he sold more than 500,000.
The company hasn't commented on the pace of his sales but McCaleb simply told the WSJ he was "not selling more than I have agreed to."
