After selling billions of xrp tokens since 2014, the former Ripple Labs executive Jed McCaleb only has 81.53 million xrp left to sell. In mid-February 2021, it was expected that McCaleb’s stash would run dry that year in May. However, the selling took much longer, but today’s data shows there’s only $26 million worth left.
Data Shows Jed McCaleb’s Ripple Stash Nears the Bottom of the Barrel With $26 Million in Coins Left to Sell
- It has been known for quite some time that the co-founder of Ripple Labs, Jed McCaleb, has held billions of xrp (XRP) since he left the company in 2014 and started the blockchain project Stellar.
- In February 2021, reports had shown that McCaleb was selling large quantities of XRP. For instance, on February 14, xrpscan.com data indicated that McCaleb’s wallet dubbed ‘Tacostand’ sold 38 million XRP worth $22 million.
- It was assumed at that time that McCaleb’s XRP stash would dry up by May 2021, if the selling persisted at that rate. The sales did not continue at that rate, however, and McCaleb’s wallet still holds 81.53 million XRP worth a touch over $26 million.
- McCaleb is still dumping XRP and one observer noted on June 29, 2022, that 22,007,874 XRP was sold in three days. When McCaleb left Ripple, he held roughly 9 billion XRP and he’s been selling the tokens ever since then.
- At one time, Ripple and McCaleb came to an agreement that noted the former Ripple executive would lock some of his funds in order to protect the XRP price from volatility. In the month of February 2021 alone, McCaleb offloaded $1.22 billion worth of XRP.
- Although, when the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple, McCaleb paused the ‘Tacostand’ selling for a period. Between 2018 through 2019, the Ripple co-founder was allowed to sell 1 billion XRP per year, and by 2020 it was bumped up to over 2 billion XRP.
- Statistics from a web portal that aggregates and monitors McCaleb’s XRP sales show that he sold roughly 2.74 billion XRP in 2021. This year, data shows McCaleb sold a total of 627 million XRP.
- With 627 million XRP sold this year alone, McCaleb’s XRP stash could easily dry up by the end of this year unless he pauses selling again for a number of months.
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source https://news.bitcoin.com/jed-mccalebs-ripple-stash-down-to-81-million-co-founders-xrp-cache-likely-to-dry-up-this-year/
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