The Ripple co-founder has regularly sold off his XRP holdings for eight years, starting in 2014.

Jed McCaleb, the co-founder of Ripple who departed in 2014 with a nine billion XRP parcel. As part of the settlement for breaking ties, has sold the rest of his stash.

The move comes a few days after McCaleb’s Ripple account showed a balance of zero XRP for the first time. Leading to speculation that he had finally sold off all his holdings.

McCaleb is now free of any contractual obligations regarding his Ripple holdings. And can sell as much or as little XRP as he likes.

It’s not clear what McCaleb plans to do with the proceeds from selling his XRP. But he will likely reinvest them in other projects.

After Sunday, McCaleb completed the sale of the final 1.1 million XRP to conclude an eight-year sell-off, according to data from XRP Scan.

The Ripple co-founder’s sales have been a key source of supply for the XRP market. And his decision to sell the rest of his holdings will no doubt be seen. As a positive development, by many Ripple investors.

Ripple’s co-founder Jed McCaleb has sold the last of his 9 billion XRP bringing to an end. An eight-year sell-off that has been a key source of supply for the XRP market.

McCaleb, who is now free of any contractual obligations regarding his Ripple holdings, sold 1.1 million

According to blockchain explorer information. The wallet address of the former Ripple executives known as “tacostand” made a final regular transfer at 6:31 UTC. Based on XRP/USD price at the time, this sale earned Stellar (XLM) co-founder $394,742.

The amount of XRP in the tacostand wallet is 47.69. after the sell-off.

XRP value

The move signals the end of an eight-year Ripple sell-off that saw McCaleb unload around 9.5 billion XRP. At current prices, that would have netted him over $2.6 billion.

McCaleb left Ripple in 2013 after disagreements about the company’s direction. The latest sale means McCaleb has now completely divested himself of Ripple holdings. He is no longer bound by any contractual obligations regarding his Ripple holdings.

Following his last XRP sell, the crypto market sees some recovery after a difficult crypto winter. Although sentiment remains extremely negative. However, this past weekend’s gains for cryptocurrencies were spectacular, with weekly increases of almost 12%.

At the time of writing, XRP is trading at $0.32 and is down 2.6% on the day. The token is currently the third-largest cryptocurrency by market capitalization with a value of $13.1 billion. Ripple’s XRP has seen its value increase by over 3,000% in the last 12 months.

Although XRP is up by more than 13% in the last month. It has decreased by more than 37% over the previous year. The cryptocurrency’s value has also plummeted nearly 90 percent since its peak of $3.40 in January 2018, during a market downturn.

Despite the recent market turmoil, Ripple has continued to sign new partnerships and make progress on its xRapid product. Which is designed to provide instant liquidity for cross-border payments.

Ripple has also been working on expanding its reach in the Asian market. And has partnered with several major financial institutions in the region.

Ripple co-founder Jed McCaleb has been selling his XRP stash since 2014, according to data from McCaleb, who is also the Ripple chief technology officer, sold 9 billion XRP worth $2.55 billion in the past two months.

McCaleb’s XRP sales have been well-timed, as the price of the cryptocurrency surged following each of his sell-offs. For example, McCaleb sold 500 million XRP in December 2017 when the price was around $0.25. The price of XRP then surged to a high of $3.40 in January 2018.

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James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.