Former Ripple CTO accelerates XRP dumping spree, could liquidate all holdings in a few weeks

  • Former Ripple CTO Jeb McCaleb accelerated XRP selling last Sunday. Currently, he has only 81.53 million XRP left in his wallet. 
  • This could be good news for XRP investors as it will considerably reduce the selling pressure on the crypto.

It’s been almost eight years since Jed McCaleb, the former co-founder and CTO of Ripple Labs has been dumping his 9 billion XRP holdings since he left the company back in 2014. As per the latest update, Jed McCaleb has left only 81.53 million XRP (worth $26.55 million) in his wallet.

A website dubbed Jed Balance has been tracking McCaleb’s XRP holdings for quite some time. As per the insights provided, McCaleb’s “tacostand” has been liquidating an average of 4.1 million XRP every day over the last month.

But since last Sunday, June 26, McCaleb has accelerated daily transfers to 7.34 million XRP. If the current rate of selling continues, he could be depleting his wallet just within the next two-three weeks. This could be of many delights to XRP investors as it would considerably reduce the selling pressure on the crypto.

Tik Tok influencer and YouTuber Mason Versluis recently shared this news with his over 100,000 followers. He also highlighted the fact that McCaleb has released over 22 million XRP in the last three days.

Jed McCaleb and his XRP selling

The former Ripple Labs executive has been periodically selling his XRP holdings since he left the company in 2014. Previously, McCaleb was part of the founding team of Ripple in 2012. The company then distributed 20 billion XRPs to all three founders including Chris Larsen and Arthur Britto.

Related: XRP record volume could empty Jed McCaleb’s holdings as early as June

But following a fallout with Ripple executive, McCaleb left the firm in 2014. He also took along with him his entire XRP share of 9 percent of the total supply. Later, he went on to proceed and build the crypto payments protocol Stellar (XLM).

However, despite handing over McCaleb his entire XRP holdings, the company had set up some lock-up terms. This was to avoid a market crash in case McCaleb was to offload all his holdings in one go. As per the lock-up plan, McCaleb couldn’t sell more than 10,000 XRPs per week for the first year. The condition loosened up with time allowing McCaleb to sell more of his holdings every week.

Finally around 2019, the maximum amount of offloading was decided for 1 billion XRP per year. From 2020 and later, the selling limit further increased to 2 billion XRPs per year. As per the Jed Balance, McCaleb was on a heavy offloading spree in the period between January to August 2021. This was when the XRP price spiked to $1.84 amid the crypto bull run. McCaleb reportedly offloaded  2.74 billion of XRP during this period.

However, McCaleb took a break from selling his XRP from September 2021 until January 2022. But since has been steadily offloading the XRP. So far in 2022, McCaleb has sold 627.6 million XRP from his holdings.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

Comments are closed.