Jed McCaleb, the former creator of Ripple Labs, is reaching the conclusion of his eight-year Ripple (XRP) dump streak. He has just 81.53 million XRP left in his wallet, which is now worth $26.55 million.
Wallet “tacostand” belonging to McCaleb has been losing an average of 4.06 million XRP per day for the last month, but starting Sunday, daily transactions have increased to 7.34 million XRP, worth $2.39 million.
To the satisfaction of the cryptocurrency community, his wallet may be empty in the next two to three weeks at the present selling pace.
Youtuber Mason share about Ripple CTO’s XRP balance
Mason Versluis, a TikTok celebrity and YouTuber who goes by the name Crypto Mason, informed his 115,000 Twitter followers on Wednesday that 22 million XRP had been released in the previous three days.
In front of a restaurant named “The Taco Stand” on Wednesday, a spoof account of McCaleb with 4,500 followers that identifies itself as “Definitely not the real Jed” shared a picture with the caption, “Almost there.”
Since he departed the business in 2014, the ex-Ripple executive has been gradually selling off portions of his once nine billion-strong XRP holdings.
McCaleb was a member of the founder of Ripple in 2012 (it was then known as OpenCoin), and he received a portion 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 departed the company in 2014, taking with him all of his XRP shares, or around 9% of the total supply. He co-founded the competing payment technology Stellar later that year.
Ripple Labs and the former executive decided 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 every week under the lock-up arrangement. The plan would grow more adaptable over time, allowing him to dump up to $20,000 worth of XRP each week for the next three years.
When XRP prices reached $1.84 in April 2021, according to Jed Balance, McCaleb allegedly sold 2.74 billion of the crypto, a sizeable portion of his XRP holdings, between January and August 2021.
From September 2021 to the beginning of January 2022, he had a long vacation from selling, and since, he has been progressively dumping XRP once more.
According to the statistics, McCaleb has already dropped 627.6 million XRP in 2022.