Jed McCaleb, one of Ripple’s co-founders, has publicly addressed concerns regarding his past XRP sales, denying any intent to harm investors. Responding to speculation, McCaleb clarified that his actions were not motivated by dissatisfaction with Ripple’s leadership but were instead an attempt to maintain transparency.
Speaking on the social media platform X, McCaleb explained that when he decided to leave Ripple, he informed the community of his departure because he no longer believed in the project. His intention, he claimed, was to allow investors to act ahead of his sales rather than selling discreetly.
I didn't do that at all. I told the ripple community I was leaving ripple and no longer believed in the project. I did that *before* I sold my XRP. The intent was to let people front run me. The alternative was to sell without telling people. Is that better?
We also gave xrp…— Jed McCaleb (@JedMcCaleb) March 21, 2025
XRP Sales and Legal Agreements
McCaleb received 9 billion XRP as part of the company’s initial allocation in 2012. However, after parting ways with Ripple in 2013 due to disagreements over its direction, he went on to establish Stellar, a competing blockchain platform.
In 2014, McCaleb and Ripple reached an agreement that placed restrictions on his ability to sell XRP, limiting his weekly sales to $10,000. However, Ripple later accused him of breaching these terms by exceeding the agreed-upon sales limit. This led to a legal dispute that was ultimately resolved in 2016 with a revised agreement tying McCaleb’s XRP sales to the cryptocurrency’s overall trading volume.
Despite these restrictions, McCaleb gradually liquidated his holdings and officially exhausted his XRP reserves in 2022. Before this, Ripple’s Chief Technology Officer, David Schwartz, alleged that McCaleb had attempted to sell his entire XRP balance at once but was prevented from doing so due to legal intervention. In a past statement on Quora, Schwartz remarked that McCaleb might be the only person to become a self-made billionaire despite his best efforts.
McCaleb’s Position on XRP Promotion
McCaleb also addressed why he was not targeted by the U.S. Securities and Exchange Commission (SEC) in its legal actions against Ripple. He asserted that he had never actively promoted XRP as an investment, which may have contributed to his exclusion from regulatory scrutiny.
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His statement contrasts with the SEC’s case against Ripple and some of its executives, which centered on allegations that XRP was marketed as an unregistered security. While Ripple and the SEC have been engaged in a lengthy legal battle over these claims, McCaleb has largely remained outside of the dispute.
From Cryptocurrency to Space Exploration
Over the years, McCaleb has amassed significant wealth from his involvement in the cryptocurrency industry. Reports indicate that he earned approximately $3.2 billion from selling his XRP holdings and his stake in Ripple.
Recently, McCaleb has re-emerged in the public eye for a different reason. According to a Bloomberg report, he is now investing a portion of his fortune into the development of a commercial space station. This latest venture reflects his shift from cryptocurrency entrepreneurship to space exploration, marking a new chapter in his career.
While debates over his XRP sales continue, McCaleb maintains that his actions were guided by transparency rather than an intent to manipulate the market. With his focus now directed toward space technology, his role in the crypto industry appears to be diminishing, even as discussions about Ripple’s future remain ongoing.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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