There are only a few weeks left before Jed McCaleb, the former co-founder and CTO of Ripple Labs, loses all of his XRP.
Jed McCaleb, the former founder of Ripple Labs, is reaching the end of his eight-year XRP dump marathon. He has just 81.53 million XRP (worth $26.55 million) left in his wallet.
McCaleb has been losing an average of 4.06 million XRP per day over the past month, but starting Sunday, June 26, daily transfers have increased to 7.34 million XRP (worth $2.39 million), according to Jed Balance, a website that tracks his XRP holdings.
To the satisfaction of the cryptocurrency community, given the present rate of selling, his wallet might be empty in the next two to three weeks.
A tik tok influencer and YouTuber by the name of Crypto Mason, Mason Versluis, informed his 115,000 Twitter followers on Wednesday that 22 million XRP had been released in the previous three days.
On Wednesday, a McCaleb parody account with 4,500 followers that claims to be “Definitely not the real Jed” shared a picture of itself in front of the restaurant “The Taco Stand” with the caption “Almost there.”
Since he departed the company in 2014, the former Ripple executive has been gradually selling off portions of his once nine billion-strong XRP holdings.
McCaleb was a member of the founding team of Ripple in 2012 (it was then known as OpenCoin), and he received a share of the 20 billion XRP that was given to all three founders, Chris Larsen, Arthur Britto, and McCaleb.
After allegedly clashing with Ripple officials, McCaleb left the company in 2014, taking with him all of his XRP shares, or about 9% of the available supply. Later that year, he helped create the competing payment technology Stellar (XLM).
Ripple Labs and the former executive agreed to lock-up terms for his XRP out of concern for a market crash if McCaleb sold all of his assets at once.
For the first year, he was prohibited from selling more than $10,000 worth of XRP per week under the lock-up arrangement. Over time, the scheme would become more flexible, increasing the amount he could dump to $20,000 worth of XRP per week for the following three years.
From 2018 to 2019, the limitations would instead apply to the quantity of XRP tokens, capping his maximum permitted dumping at 1 billion XRP annually.
From 2020 onward, the amount was increased again to 2 billion XRP annually.
Jed Balance claims that between January and August 2021, when XRP prices rose up to $1.84 in April, McCaleb sold 2.74 billion of the cryptocurrency, a significant amount of his XRP holdings.
From September 2021 to the beginning of January 2022, he had a lengthy vacation from selling, and ever since, he has been progressively dumping XRP once more.
According to the data, McCaleb has already lost 627.6 million XRP in 2022.
On June 24, four days after bouncing back from $0.28, its lowest point since January 2021, XRP’s price increased by roughly 30%.
