Jed McCaleb completes 9 billion XRP sell-off

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

Ripple co-founder Jed McCaleb, who left the company in 2014 with a huge 9 billion XRP package as part of the settlement for severing ties, has sold the last of that haul.

On Sunday, McCaleb finally sold the remaining 1.1 million XRP to bring to an end an eight-year sell-off, data on the XRP Scan shows.

Per the blockchain explorer, the former Ripple execs’ wallet address dubbed “tacostand” made the last of the regular transfers at 6:31 UTC. The sale netted the Stellar (XLM) co-founder $394,742 based on the XRP/USD price at the time.

The tacostand wallet has a balance of 47.69 XRP.

XRP price

McCaleb’s last XRP dump comes as the crypto market sees some relief bounce, although overall sentiment remains largely negative after a debilitating crypto winter. This past weekend however saw a positive bounce for crypto, with hitting weekly gains of nearly 12%.

At the time of writing, XRP/USD is poised at 0.36, up 3% in the past 24 hours.

However, while XRP is trading nearly 13% up in the past one month, it’s down by more than 37% over the past year. The bear market has also seen the cryptocurrency’s value fall almost 90% since its all-time high of $3.40 reached in January 2018.