Who is Jed McCaleb?
Jed McCaleb is an American software engineer and entrepreneur. He founded and served as the Chief Technology Officer of Ripple.Inc in 2013.
Jed is also known as the peer-to-peer eDonkey2000 application developer, one of the largest file-sharing networks, and of many other ecosystems.
The digital currency building began in 2011 in which transactions were confirmed by consensus that was entitled as the Ripple protocol.
The programmer is convinced that leveraging technology to simplify the human condition and reduce inefficiency in everyday life is one of his main professional goals.
What is XRP?
Ripple is an automated payment settlement system and asset exchange, designed upon a distributed open-source protocol. OS protocol allows access to the source code for a website and it uses meta tags.
The remittance network operates similarly as Society for Worldwide Interbank Financial Telecommunications (SWIFT).
It’s a service that allows secure transfers with international money and is used by a connection of banks and financial intermediaries together.
One of the initial aims of establishing the ecosystem is to enable safe, instant, and free financial transactions of any size with no chargebacks.
What Happened?
More than a billion XRP as of 2014 till 2019 was sold and 4.7 billion more was left which equaled 5% of the total supply.
Then McCaleb handed over another 19 million and the rate of the coin increased back in mid-2020 as the agreements limiting XRP sales, -20 Civ. 10832, ECF Case Complaint, Jury Trial Demanded, – expired.
This XRP sale was the first in 25 days after the US Securities and Exchange Commission (SEC) lawsuit filed against Ripple. The SEC accused the company of selling unregistered securities in the amount of $ 1.3 billion.
He also cashed out $ 411 million in 2020, selling 1.2 billion XRP at an average rate of $ 0.34 per coin. This represented about 27% of all XRP held in Ripple Labs accounts.
Moreover, in April 2020, the former Ripple CTO sold 54 million XRP for a total of $ 11.7 million, selling about 1.8 million XRP daily.
Ripple’s legal troubles with the regulator led to cryptocurrency exchanges having closed XRP trading pairs.
On the backdrop, the XRP rate fell to 0.17351; today, the asset is trading at 0.30500 and ranks fifth in terms of cryptocurrency market capitalization.
This is not the first time that McCaleb has suspended XRP sales. He was recently forced to “pause” so that the charity to which he donated XRP could sell the donated coins.
This time, McCaleb stopped trading XRP immediately after the regulator’s lawsuit became known.
The researcher suggested that McCaleb may have resumed sales on legal advice, although there may be other reasons for this.
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