In reaction to a tweet regarding Ripple co-founder Jed McCaleb’s sales, renowned trader Peter Brandt labeled the XRP cryptocurrency “garbage.” The seasoned chartist wrote, “Just goes to demonstrate that even garbage can make a person a billionaire.”
After an eight-year selling binge, Ripple has officially announced that Jed McCaleb had sold all of his XRP holdings. The co-founder sold his tokens in addition to 708 BTC and made an estimated $3.09 billion. Additionally, the co-founder sold his Ripple shares.
McCaleb made a bag with the XRP sales
McCaleb’s net worth is thought to be $2.1 billion, based on information from Forbes. The early blockchain pioneer who founded the now-defunct Mt. Gox exchange went on to develop Stellar, another successful cryptocurrency project, after a falling out with Ripple.
The XRP cryptocurrency, according to Brandt, is unregistered security. In spite of the regulatory uncertainties surrounding the contentious cryptocurrency, Brandt stated that he was still open to purchasing it “under the appropriate circumstances.”
In 2020, the trader also referred to cryptocurrencies as a “scam” and projected that Ripple will be sued by the U.S. Securities and Exchange Commission. Additionally, Brandt has criticized other cryptocurrencies.
The eight years of McCaleb’s releases, which account for around 18.6% of the total supply of XRP now in circulation, have been well received by the cryptocurrency community.
A proponent of XRP tweeted to their 57,500 followers that it was now feasible to have more XRP than McCaleb following the most recent sell-off.
A satirical post from The Crypto Town Crier on Friday gave some the impression that McCaleb had decided to hold onto his last five million tokens “just in case it moons.” But McCaleb overturned the rumors and emptied his Ripple wallet.