Former founder of Ripple Labs, Jed McCaleb has sold almost all of his XRP balance.
The man has been on a Ripple (XRP) dumping marathon for the last eight years and is now left with only 81.53 million XRP, worth $26.55 million.
McCaleb may sell out all of his XRPs in the next two to three weeks, at the current rate of selling.
The former Ripple executive has been dumping his once nine-billion-strong XRP holdings since he left the company in 2014.
McCaleb left the company after a fallout with the other Ripple executives and took his share of 20 billion XRP, around 9% of the total supply with him. Â
Ripple Labs and the former executive agreed to lock-up terms for his XRP, to avoid a market crash.
According to the deal, McCaleb could not sell more than $10,000 worth of XRP per week for the first year. For the next three years, he could offload $20,000 worth of XRP per week.
After that, the terms of the agreement shifted to the number of XRP tokens. From 2018-2019, he could sell up to 1 billion XRP per year.
From 2020 and beyond, the amount was further raised to 2 billion XRP per year.
McCaleb has been religiously selling his XRP tokens.
Between January to August 2021, when XRP prices spiked up to $1.84 in April, offloading 2.74 billion of XRP, he offloaded a large portion of his XRP holdings.
He held off selling from September 2021 to the start of January 2022 but then started offloading XRP tokens again.
So far McCaleb has shed 627.6 million XRP in 2022.
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