Whale Alert, a popular cryptocurrency tracking service that posts details of large crypto transactions on its Twitter page, has spotted a number of significant transfers. It tweeted that the Ripple behemoth had moved several eye-popping XRP stashes in the last 17 hours, one of which was sent to Jed McCaleb’s wallet.
He was one of Ripple’s co-founders and the company’s first chief technology officer, though he only stayed in that position for about a year.
Ripple moves 275 million XRP, with more than half going to McCaleb.
Whale Alert has discovered two massive cryptocurrency transactions totaling $100 million and 174,862,720 XRP. The first sent the funds to one of Ripple’s most popular wallets, RL18-VN, which is frequently used to send XRP tokens to crypto exchanges and financial institutions outside the company.
Almost 175 million XRP were transferred to Jed McCaleb’s “taconstand” wallet, which was created when Ripple Labs was founded in 2012.
The total value of 174,862,720 XRP is around $210,051,020. McCaleb’s “tacostand” wallet now has a balance of 709,911,469 XRP, according to a report published earlier today. According to researcher Leonidas Hadjiloizou, the wallet from which Ripple has been sending XRP to Jed is now empty.
McCaleb’s wallet had 821 million coins left in it on Aug. 16. According to data from XRPscan, Jed has sold 112 million XRP coins since then, before receiving 175 million XRP from Ripple on September 1.
According to predictions made by the XRP community on the jed.tequ.dev website, Jed is likely to sell all of his XRP by December 5, December 22, December 24, or January 2022, depending on the weekly and monthly scale of his XRP sales.
Ripple has deposited 800 million XRP in an escrow account.
Ripple released one billion XRP coins from escrow on September 1. Ripple has been releasing one billion coins on the first day of each month since 2017 with a total of 55 billion XRP locked in. The plan was to do it for 55 months, so these programmed releases should come to an end next year.
Approximately 800 million coins have been locked back in escrow, along with 200 million XRP taken by the company to cover current costs and send to investors and exchanges, as has been the case for several years.