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.
Jed McCaleb

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.

XRP daily chart. Source: CoinCu

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.

McCaleb’s total holdings and sales. Source: Jed Balance

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

1 hour ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.