After eight years of pouring billions of XRP, Jed McCaleb's holdings will be depleted within weeks

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After eight years of pouring billions of XRP, Jed McCaleb’s holdings will be depleted within weeks

After eight years of pouring billions of XRP, Jed McCaleb's holdings will be depleted within weeks
Source: CoinTelegraph
1656582586 30 Jun / 09:49

Former Ripple Labs founder Jed McCaleb is reaching the conclusion of his eight-year Ripple (XRP) dump marathon, with just 81.53 million XRP, valued at $26.55 million as of this writing remaining in his wallet.

According to Jed Balance, a website that tracks his XRP holdings, McCaleb's "tacostand" wallet has lost an average of 4.06 million XRP per day over the last month. Still, it has increased daily transfers to 7.34 million XRP, valued at $2.39 million, since Sunday.

At the current sales rate, his wallet might be empty within two to three weeks, much to the amusement of the cryptocurrency community.

Mason Versluis, a TikTok celebrity and YouTuber known as Crypto Mason, announced the release of 22 million XRP over the previous three days to his 115,000 Twitter followers on Wednesday.

Wednesday, a spoof account of McCaleb with 4,500 followers that labels itself as Definitely not the honest Jed uploaded a photo in front of a restaurant named “The Taco Stand” with the caption “Almost there.”

Since leaving Ripple in 2014, the former executive has been carefully selling off portions of his once-vast nine billion XRP holdings.

McCaleb was a founding member of Ripple (then known as OpenCoin) in 2012, getting a portion of the 20 billion XRP that was awarded to all three founders, including Chris Larsen and Arthur Britto.

After a reported dispute with Ripple management, McCaleb departed the company in 2014, taking his entire XRP holdings, which represented around 9 percent of the total supply. He co-founded competing for payment technology Stellar later that year.

Ripple Labs and the former executive agreed to lock-up terms for McCaleb’s XRP to prevent a market meltdown should he sell all of his holdings simultaneously.

The lock-up arrangement stipulated that he could not sell more than $10,000 worth of XRP weekly for the first year. The plan would relax over time, allowing him to sell a $20,000 value of XRP every week for the subsequent three years.

In 2018-2019, the limitations would apply to the quantity of XRP tokens, restricting his annual maximum sale to 1 billion XRP.

From 2020 forward, the annual sum was increased to 2 billion XRP.

According to Jed Balance, between January and August 2021, when XRP prices peaked at $1.84 in April, McCaleb liquidated a significant amount of his XRP assets, selling 2.74 billion XRP.

From September 2021 to the beginning of January 2022, he took a vacation from selling XRP. Since then, he has been consistently selling XRP.

McCaleb has lost 627.6 million XRP thus far in 2022, according to the available statistics.

Four days after recovering from $0.28, its lowest level since January 2021, the price of XRP rose roughly 30 percent on June 24. According to Cointelegraph’s analysis, the token’s retracement recovery might reach $0.41 next.

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