This weekend, Jed McCaleb puts an end to his eight-year 9B XRP dump spree.

By the weekend, Ripple Labs co-founder Jed McCaleb will have sold every one of his nine billion XRP holdings, bringing an end to a controversial billion-dollar dumping frenzy that started in 2014.

It took the former chief technology officer of Ripple Labs eight years, one month and 25 days since announcing his sales to ultimately get rid of the nine billion XRP coins, according to cryptocurrency expert Leonidas Hadjiloizou.

Averaging 4.22 million XRP per day between now and Friday, McCaleb’s wallet, “tacostand,” will then sell 1.08 million more tokens on Saturday until it reaches zero, he claimed. The wallet held a balance of 22.16 million XRP, or more than $7.3 million, as of July 10.

According to CoinGecko, the coin has lost more than 60% of its value so far this year and nearly 91% of its value since reaching an all-time record of $3.40 on January 7, 2018.

Jed will be selling 4.215M XRP per day this week. His 22.161M XRP will run out on Saturday, the 16th of July 2022.

It took Jed 8 years, 1 month, and 25 days since announcing his sales, to finally get rid of his 9B XRP.

Best of luck to Jed. 🌮 pic.twitter.com/FyrnDHk8Ft

— Leonidas (@LeoHadjiloizou) July 10, 2022

McCaleb, a founder and billionaire.

Alongside current CEO Brad Garlinghouse and Chris Larsen, Jed McCaleb created Ripple Labs in 2012, granting out a portion of 20 billion XRP tokens to each of them. After a rumored breaking out with his other co-founders, he left in 2014 to create Stellar Development.

The executives decided against selling McCaleb’s 9 billion XRP holdings right away because they believed that doing so would cause the price of the cryptocurrency to fall. The deal barred McCaleb, who also created the now-defunct cryptocurrency exchange Mt. Gox, against selling upwards of $10,000 in XRP per week.

Later, it was raised to $20,000 each week for the three years up to 2017. Later, the proposal was modified to only apply to the total amount of XRP sold, placing a yearly cap of 1 billion tokens during 2018–19 period and 2 billion per annual in the years after.

Jed McCaleb made nearly $411 million that year by selling 1.2 billion XRP at an average selling price of $0.34 per coin, according to a data from blockchain analytics tracker Whale Alert from 2020. McCaleb sold over 1 billion XRP tokens for $135 million between 2014 and 2019.

McCaleb was one of the wealthiest cryptocurrency users according to Whale Alert’s estimate of the entire worth of his holdings and sales at the time, which was $1.2 billion. But the projection was predicated on the $0.20 per XRP pricing that was in effect at the time, so it would most likely be considerably more at the current prices.

McCaleb sold the majority of his XRP around January and August 2021, stopping for a charity he donated to to sell for four months till the end of the year. He started selling again in January, and according to figures on Jed Balance, a site that keeps track of his assets, he has sold about 678 million XRP thus far.