It was reported that the dumping of XRP tokens by Ripple CTO was being done for over two weeks.
When it’s the initial time of an asset, you might want to hold it until people start seeing the potential that you had seen initially in the asset and now they want to buy it from you, then you sell those assets and they end up making you rich. Mostly creators and initial team members of developers follow the similar pattern while holding the assets initially, keep collecting them for dirt cheap price believing that it will grow in its value gradually and once it does, the assets make wealth to them.
Co creator of Ripple network and first Chief Technology Officer, Jed McCaleb is seen selling his remaining possession of XRP tokens, as per reports. Further it was reported that it’s been almost 14 days since when McCaleb started dumping tokens and since then he has already dumped upto 70 million XRP tokens that were added to the market that he sold from his wallet dubbed as ‘tacostand.’
It was since 1st September of last year when Jed McCaleb paused selling his XRP tokens while resumed selling them again in early January this year. Especifically, he has sold about 69.11 million XRP tokens since 24th May from his total remaining possession of eight billion Ripple affiliated XRP tokens that he received as compensation. McCaleb left Ripple labs and went on to create its rival open source and decentralized digital currency protocol Stellar Lumens, generally known as Stellar.
McCaleb ended up receiving the money ultimately which was one among terms of his departure contract. The contract barred him from selling all his eight billion XRP tokens at once in order to save the market that could become saturated with Ripple native tokens, which could have pushed down the price of the crypto asset. Since the start of this year, Ripple’s former CTO has sold over 500 million XRP tokens and now his crypto address is left with about 182,925,764 XRP at present.
Source: https://www.thecoinrepublic.com/2022/06/07/why-co-founder-and-former-cto-of-ripple-jed-mccaleb-dumped-his-70-million-xrp-tokens/