Ripple Co-founder May Have Sold an Average of 1.8 Million XRP Per Day in April.
Ripple Co-founder Sold Millions of XRP in April
Ripple co-founder and current CEO Brad Garlinghouse sold millions of XRP in April.
He sold $25 million worth of XRP in a matter of days, according to a report from Cheddar.
Garlinghouse has been a staunch advocate for XRP, despite the cryptocurrency’s price decline this year. He has said that XRP is the “third rail” of the financial world and that it should not be compared to other cryptocurrencies.
XRP has lost more than half its value since January, when it was trading at around $3.20.
How Much XRP Did Ripple Co-founder Sell in April?
Ripple co-founder and CEO Brad Garlinghouse sold $55 million worth of XRP in April.
Astounding Average of 1.8 Million XRP Sold by Ripple Co-founder Daily in April
Ripple co-founder Jed McCaleb sold 8 million XRP in the month of April. Out of the total, 5.6 million XRP were sold in the first four days of the month.
Ripple Co-founder's XRP Sales Make Up Over 50% of Daily Transactions
Ripple Co-founder Chris Larsen's XRP sales account for over 50% of all transactions on the network, according to data from Ripple.
In the past 24 hours, Larsen has sold an estimated $24 million worth of XRP. This is more than any other individual on the network.
Ripple Co-founder Brad Garlinghouse said that Larsen's sales are a "clear indication" that the XRP token is "vital" to the company's success.
"Chris' consistent and significant selling of XRP is a clear indication that the token is vital to our long-term success," Garlinghouse said. "His efforts help fuel liquidity and promote trust in the XRP Ledger."
Larsen has been one of the most vocal proponents of the XRP token. He has said that it is the "most efficient" digital asset platform and that it has the potential to revolutionize global payments.
Ripple Co-founder's Massive XRP Sales Revealed
Ripple co-founder and CEO Brad Garlinghouse has revealed that he sold off over $50 million worth of XRP in the past year. The news was first reported by CNBC.
Garlinghouse's massive sales of XRP come as no surprise, as the coin has seen significant growth in the past year. XRP is currently the third largest cryptocurrency by market cap.
Garlinghouse said that he sold XRP because he believes in the long-term potential of the coin. He added that he views XRP as a "digital asset for the global financial system."
Garlinghouse's sales of XRP come as Ripple faces increasing competition from other cryptocurrencies. The company has announced plans to develop its own blockchain platform, which could help it compete with rivals like Bitcoin and Ethereum.
Staggering Amount of XRP Sold by Ripple Co-founder in April
Ripple co-founder Jed McCaleb sold over 40,000 XRP in April alone, according to data from CoinMarketCap.com. This staggering amount of XRP represents a significant portion of the total circulating supply of XRP (about 38% at the time of this writing).
McCaleb's sale of XRP may be related to the recent controversy surrounding Ripple and its involvement with Bitfinex, a digital currency exchange. McCaleb had previously served as the CEO of Bitfinex, but he resigned from that position in late February after allegations surfaced that he had used company funds to purchase XRP.
McCaleb has since stated that he does not own any XRP himself and that he has instead donated all of his XRP holdings to charity. Nevertheless, the sale of XRP by McCaleb highlights the importance of XRP within the cryptocurrency community and the potential for volatility in the XRP market.
