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With a market value of more than $26 billion, the world’s seventh-largest cryptocurrency has recently seen a small price increase. The price of XRP has risen by 4.2 percent in the last hour, reaching a 24-hour high of $0.57. (at press time). However, this hasn’t discouraged longtime Ripple CTO Jed McCaleb from transferring his XRP holdings over the last two weeks.
McCaleb recently transferred large quantities of XRP from his “tacostand” wallet to numerous crypto exchanges. According to XRPScan records, the former Ripple executive transferred 7,472,592.970000 XRP in two different transactions on March 22 and 21. Although these are the most recent transfers, his previous transfers totalled 9,254,565.170000 XRP wired out of his wallet every day from March 14 to March 20. In all, he passed more than 64 million XRP in the last seven days.
McCaleb, on the other hand, has passed more than 222 million XRP worth more than $115 million in fiat in the last 16 days.
McCaleb passed more than 135.8 million XRP in six different transactions between the 20th and 26th of February last month.
McCaleb’s tacostand wallet had a balance of 383,092,083.935819 XRP as of March 22.
The former tech chief got the cryptocurrency as part of an arbitration deal with Ripple to reimburse him for his role in the development of the payment protocol. McCaleb has been cashing the funds in batches since he gets them in batches, with no intention of hoarding them. Analysts believe he may continue to drain the cryptocurrency until May, when he will have depleted his pocket.
Meanwhile, Ripple revealed in its whitepaper ‘The Future of CBDCs‘ that XRP is a “neutral bridge currency” for CBDCs. The announcement comes on the heels of the company’s introduction of a pilot private ledger for central banks to issue and handle digital currencies.