Crypto billionaire Jed McCaleb hasn’t sold any Ripple (XRP) for nearly three months — one of his longest breaks since first threatening to dump his entire stash in 2014.
The serial crypto entrepreneur, who helped launch Ripple, Stellar, and the notorious exchange Mt. Gox has steadily offloaded his XRP founder’s reward since he left Ripple Labs in a huff.
McCaleb’s reward amounted to 9 billion XRP — worth almost $9.3 billion at today’s prices.
But slowly selling his XRP over the past seven years brings the likely value of his liquidations to under $3 billion. McCaleb also pledged to donate 2 billion XRP to charitable causes.
A legal stoush between McCaleb and Ripple Labs saw the company distribute the founder’s reward over time to stop him from crashing the market.
In June, Protos reported McCaleb dumping 12.7 million XRP every day across a three-month average, valued at $8.1 million at the time.
If he’d kept that up, he would’ve been all out of XRP to sell by the end of September.
McCaleb’s last XRP tranche from Ripple Labs
McCaleb received his last tranche (174.9 million XRP, worth $180 million) from Ripple on September 1.
Today, the Ripple Labs co-founder’s ‘tacostand’ XRP wallet contains just over 709.9 million XRP ($731 million).
He hasn’t siphoned a single XRP since the day before he received that last payment. McCaleb usually sends his XRP directly to crypto exchange Bitstamp.
In any case, XRP has dropped about 13% since McCaleb’s last apparent sale.
It could face further slippage should Bitcoin continue correcting from its recent record high.
Follow us on Twitter for more informed crypto news.