Jed McCaleb is the former co-founder and chief technology officer of Ripple Labs. As per media news, he left the company shortly after due to internal conflicts. However, as part of his severance package, the former CTO has kept receiving XRP tokens for payment since September 2020. Every month Ripple Labs sent a bulk load of XRP tokens to McCaleb.

As noted by the Whale Alert Twitter account, the blockchain payment enterprise has transferred a shipment of more than 8 million XRP tokens to the Taco stand wallet. As noted by analysts, McCaleb has been getting rid of his XRP token as soon as possible. Every week, he selects a certain amount of XRP tokens and dumps them on the market every day. 

Former Ripple Labs CTO Wants to Get Rid of his XRP Stash as Soon as Possible

David Schwartz, the current CTO of Ripple Labs, told media that McCaleb tried to dump all his XRP holdings at once. However, a series of lawsuits from Ripple Labs stopped him in his tracks and restricted him from selling his stash in bits and pieces. As per Schwartz, McCaleb is a crypto billionaire thanks to the intervention of the Ripple legal team. The latest installment of XRP tokens sent to him is worth roughly $420 million.

The former CTO has been selling an average of $16.85 million worth of XRP tokens every day. When XRP was below 1 USD, he was dumping about 10 million XRP for seven consequent days. Schwartz noticed that his current XRP holdings are worth about $1 billion. 

Legal Consultants Claims that SEC will Settle XRP Lawsuit Before it Reaches Trial

Jeremy Hogan is an independent solicitor who has gained popularity among XRP holders due to his advocacy for the controversial altcoin. The legal consultant claimed that SEC might have bitten more than it can chew with the cryptocurrency lawsuit in a recent statement. Very recently, Ripple Labs has also been added to the list of top 50 disruptive enterprises by CNBC.

Hogan further explained that SEC does not have any more legal pretense of retaining the Ripple Labs lawsuit any longer in the court. A lot of high-level lawsuits end up being settled before they make it to the trial. As per his opinion, there is a high probability that SEC would try to settle the case given the current circumstances.