What To Expect From XRP Price When Jed McCaleb’s Dumping Ends
Jed McCaleb was part of payment giant Ripple’s founding team in 2012. McCaleb’s eight-year-long XRP dumping marathon is drawing to a close. McCaleb ramped up his daily XRP transfers at the end of June 2022.
At the current rate, McCaleb can offload his XRP holdings as early as the end of July 2022. The XRP Army is awaiting the end of the dumping marathon as it is believed that McCaleb’s XRP sale has increased selling pressure on the altcoin.
Jed McCaleb’s wallet is identified as “tacostand” on XRPScan, and the wallet balance at the time of writing is 74.19 million XRP, worth 22.99 million. Based on data from XRPScan, tacostand has shed an average of 4.06 million XRP over the past month. McCaleb has stepped up the transfers to 7.34 million XRP daily since the last week of June 2022.
At the current rate, it is predicted that the former Ripple founder would run out of XRP to sell before the end of July 2022.
When McCaleb quit Ripple, he held 9 billion XRP in 2014. Since his exit, the former Ripple executive has methodically sold chunks of his XRP holdings and nearly exhausted his wallet balance. The Ripple team feared a mass sell-off by McCaleb and entered an agreement with the Stellar co-founder. Restrictions were imposed on the volume of XRP sold by McCaleb, limiting the maximum allowed XRP that the former founder offloads.
While McCaleb sold nearly $10,000 in XRP in the first few weeks, the number quickly increased to $20,000 in the next three years. Between 2018 and 2019, McCaleb dumped 1 billion XRP every year, and since the beginning of 2020, the number has doubled.
Bears took control of the XRP price, and the sell-off pushed the price 18% lower from the June 24 swing high of $0.38. The downswing in XRP is indicative of the altcoin following in Bitcoin’s footsteps and the correlation between the two assets.
XRP has key support at $0.31 if the altcoin holds steady above this level, it could negate the pessimistic outlook and hit bullish targets at $0.41 and $0.50.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.