Rumors regarding the selloff of XRP by Jed McCaleb.
Redditors argue about the miscalculations of WSJ reports by Tomio Geron.
XRP prices soaring due to Coinbase’s announcement.
Moreover, Ripple (XRP) is on the news more often in the past few weeks or months. This is due to various rumors regarding the new apps being developed by Ripple or due to the partnership deals with banks or due to the alleged sell-off by Jed McCaleb.
Let’s break it down!
Jed reportedly has XRP worth $20 billion, which puts him at 40th place in Forbes’ list of world’s richest people. Jed decided to sell off 100 million XRP back in 2015 to a user for USD$1 million when XRP was below one cent value. The exchange Bitstamp chose to freeze the deal from going through until the legal terms between Ripple and Jed were sorted out.
The Settlement
In February 2016, the terms to Jed’s selloff include:
The first year of the agreement, Jed and the DAF will be able to collectively sell 0.5 percent of the Average Daily Volume of XRP for each day of the week, including weekends and holidays.
Second and third years of this agreement, Jed and the DAF will be able to collectively sell for each day of the week 0.75 percent of the Average Daily Volume.
The fourth year of the agreement, Jed and the DAF will be able to collectively sell for each day of the week 1.0 percent of the Average Daily Volume.
For any time after the fourth year of the agreement, for each day of the week, Jed and the DAF will be able to sell 1.5 percent of the Average Daily Volume.
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