Former Ripple Labs CEO Jed McCaleb Completes XRP Release

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2022-07-07 12:17:48

After selling billions of XRP tokens since 2014, former Ripple Labs executive Jed McCaleb now has just 81.53 million XRP tokens left in his wallet.

Former Ripple Labs Head, Jed McCaleb

This process will end when McCaleb’s XRP storage wallet is completely exhausted. The time was once scheduled to take place in May 2021, however the sale of such a large amount of tokens took longer than expected and is currently not complete.

The most recent large transaction was spotted by an observer on June 29. Over 22 million XRP tokens were sold by McCaleb in just three days. Data as of early July 2022 shows that the wallet of the former Ripple executive now has only 81.53 million XRP tokens (equivalent to $26 million).

Since the inception of the Ripple project, co-founder and former CEO, Jed McCaleb has held billions of XRP tokens. After achieving success, he left the company in 2014 and started the Stellar blockchain project.

At the time McCaleb left Ripple, he held about 9 billion XRP and has dumped the tokens since that time. 99% of these have been sold off and the total circulating supply now stands at 48.34 billion tokens.

History of “flooding” tokens on people’s heads by Jed McCaleb

In February 2021, reports indicated that McCaleb was close to completing the sale. On February 14, 2021, data from xrpscan.com showed that McCaleb’s wallet (named Tacostand) took a profit from a 38 million XRP trade and raised $22 million.

At the time, calculations assumed that McCaleb’s XRP storage would be exhausted by May 2021, if the sale continued at that rate. However, sales were unable to maintain this discharge rate.

Earlier, Ripple Labs and McCaleb came to an agreement noting that the former Ripple executive would lock down some of his funds to protect XRP price from volatility. So the completion of this process took almost a decade. But an unexpected move by McCaleb took place in February 2021. He sold off $1.22 billion worth of XRP and became the direct cause of XRP’s price drop during that time.

When the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, McCaleb halted the sale for a period of time. From 2018 to 2019, the Ripple co-founder was allowed to sell 1 billion XRP per year, and by 2020, this number has grown to more than 2 billion XRP.

Statistics from a web portal aggregating and tracking McCaleb’s XRP sales show that he sold around 2.74 billion XRP in 2021. This year, the data shows that McCaleb sold a total of 627 million. XRP.

With 627 million XRP sold this year alone, McCaleb’s XRP inventory could easily complete the sale by the end of the year unless he pauses the resale for a number of months.

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