Jed McCaleb Will End The 8-Year XRP Dump This Weekend
Jed McCaleb, co-founder of Ripple Labs, will sell all of his 9 billion XRP reserves over the weekend, marking the end of a multi-billion dollar dump that was the subject of much controversy when it began in the year 2014.
According to the crypto researcher, Leonidas Hadjiloizou, former chief technology officer of Ripple Labs, it took 8 years, 1 month, 25 days from the announcement of his intention to release his tokens until the 9 billion sold out completely XRP tokens.
Between now and Friday, McCaleb’s wallet, named “tacostand”, will be selling an average of 4.22 million XRP per day, and then another 1.08 million tokens on Saturday, until it hits zero, he said. As of July 10, the wallet had a balance of 22.16 million XRP, worth over $7.3 million.
The XRP token is down over 60% year-to-date and about 91% off ATH at $3.4 on Jan 7, 2018.
Jed McCaleb founded Ripple Labs in 2012. Together with current CEOs Brad Garlinghouse and Chris Larsen, each received 20 billion XRP. In 2014, he left the company to start Stellar Development.
Executives have agreed to lock up McCaleb’s 9 billion XRP holdings, fearing that an immediate sale would push the token into the abyss. The deal capped the marketable value of XRP by McCaleb, a participant in the founding of the Mt. Gox, is $10,000 per week.
That number was later increased to $20,000 per week in 2017. Thereafter, the total annual limit of XRP sold during 2018-19 was 1 billion tokens and in subsequent years 2 billion tokens.
According to a 2020 report from blockchain analytics tracking company, Whale Alert, Jed McCaleb sold 1.2 billion XRP at an average price of $0.34, raising over $411 million. Between 2014 and 2019, McCaleb sold about 1 billion XRP, worth $135 million.
Whale Alert estimated that Jed McCaleb’s total holdings and sales at the time were $1.2 billion, making him one of the richest people in crypto. This estimate is based on the prevailing price at the time of $0.2 per XRP, which means that this number would be much higher now.
According to data from Jed Balance, the website that tracks his holdings, Jed McCaleb sold most of his XRP between January and August 2021, pausing for four months through the end of the year when he pledged his support. donate a portion of your XRP to charities. He then resumed sales in January 2022, with around 678 million XRP sold this year.
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