Ripple CTO Rejected 500 Million XRP Tokens For This

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Ripple’s former Chief Technology Officer (CTO) Jed McCaleb’s selling spree finally came to an end on July 17, 2022. Meanwhile, the blockchain firm’s current CTO David Schwartz mentioned that he made a big mistake by not opting for XRP tokens.

CTO had to choose between XRP or money

David Schwartz in a tweet mentioned that he was offered around 500 million XRP tokens. He added that it wasn’t really the choice that he was confronted with. He had to choose between XRP or a salary in the beginning. However, the token is nearly perfectly liquid.

Ripple’s CTO said, at that time he needed money. Later, when XRP was launched on the exchanges, he could have just bought it from there.

Meanwhile, 500 million XRP tokens today would have been worth around $181 million. Ripple’s native token is trading at an average price of $0.364, at the press time. XRP price has jumped by around 5% in the past 24 hours.

Ripple overtakes BUSD

XRP price has jumped by over 18% in the last 30 days. This surge has helped the token to overtake Binance USD (BUSD). Its total market cap now stands at $17.6 billion. XRP’s 24 hour trading volume is also up by 18% to stand at $1.53 billion.

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Earlier, Ripple’s ex founder Jed McCaleb emptied its XRP holding. It is still holding just 194 XRP tokens in its wallet. As per data, his last transaction was about 1.1 million XRP. It was worth around $395.74K. This marked the end of the 9 billion long XRP selling spree after leaving Ripple in 2014.

It is important to note that McCaleb released around 18.6% of the total circulating supply of XRP. He has possibly sold more XRP tokens than any other crypto exchange.

As per reports, XRP token’s lawyer in the lawsuit against SEC, John Deaton inquired why the commission hasn’t sued ex CTO for selling the tokens. He asserted that McCaleb has no control over the Ripple, unlike the other sued individuals.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at Ashis[email protected]
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