- Ripple co-founder Jed McCaleb has finally stopped dumping his XRP tokens on the market
- McCaleb has been shedding a nine billion payout since 2014
- McCaleb will keep five million XRP “in case it moons”
The XRP Army has been given 20 billion reasons to celebrate after Jed McCaleb finally ran out of tokens to dump on the market. McCaleb was awarded 20 billion XRP tokens as part of a divorce settlement from Ripple, the company he bought and rebranded with Chris Larsen and Arthur Britto in 2012 and Sunday saw the final selloff, with McCaleb holding onto the last five million. With billions of tokens now absorbed there is the relief of eight years worth of selling pressure that has made McCaleb a billionaire.
Ripple Divorce Leaves McCaleb a Billionaire
McCaleb, Larsen and Britto bought RipplePay from creator Ryan Fugger in 2012 and rebranded it to OpenCoin, which began development of the Ripple protocol (RTXP) and the Ripple payment and exchange network. In 2013 the name was changed back to Ripple and the associated XRP token was launched in August of that year.
McCaleb left in 2014 after a falling out with other Ripple executives, taking his entire XRP share of nine billion XRP tokens with him, which equated to around 9% of the total supply. The trio agreed to a lock-up of McCaleb’s haul to prevent him dumping on the market in one go, with McCaleb prevented from selling more than $10,000 worth of XRP per week.
This limit was increased to $20,000 per week until 2017 when it was changed to an annual limit of 1 billion XRP tokens during the 2018-19 period, followed by two billion over the following years.
The Taco Stand Finally Sells Out
Ripple watchers have been watching the wallet associated with McCaleb slowly getting emptied over the years, and even Ripple itself got in on the action as the wallet came close to being emptied:
Starting the week off with some XRP history and context of Jed McCaleb’s “tacostand” wallet. https://t.co/DXPL7CueUl
— Ripple (@Ripple) July 18, 2022
McCaleb hasn’t sold everything however – he announced on Friday he is holding on to his last five million XRP “just in case it moons.”
Now McCaleb has finished his selling, the wallet is marked for deletion and the XRP Army can finally get that particular monkey off their backs.
Now for some partnerships…
