Former Ripple Labs founder Jed McCaleb has finally ended the eight-year dump of Ripple (XRP) assets. Only 46.7 XRP left in the famous “tacostand” wallet. According to blockchain explorer XRP Scan, the former Ripple founder made a final transfer of 1.1 million XRP worth $394,742.18 at 9.30am on Sunday. Here are the details…
Jed McCaleb ends Ripple sale
Hours later, the account listed an “account deletion” action. So the account will no longer be on XRP’s ledger. The transaction marks the end of the 9 billion XRP sale initiated by McCaleb after he left Ripple Labs in 2014 to set up rival payment protocol Stellar. The amount McCaleb has released over the past eight years represents about 18.6 percent of the total circulating supply of XRP. XRP proponent XRP Whale announced to his 57,500 followers on Twitter that with the eventual sale, more XRP could finally be owned than McCaleb.
On Friday, a satirical article from The Crypto Town Crier led some to believe that McCaleb has decided to hold onto his last five million XRP “just in case.” cryptocoin.com As we reported, in the article, it was said that McCaleb, who has sold billions of XRP since leaving Ripple in 2014, woke up in a cold sweat on Thursday night and realized that he could not let go of the last money in his hand. Crypto Town Crier is a satirical news site with the slogan “Where truth is more important than truth”.
What is the latest situation in XRP price?
The price of XRP is currently sitting at 0.3564, up 0.82% in the last 24 hours. The asset is down almost 90 percent from its all-time high of $3.40 in January 2018. Ripple Labs has been involved in a lawsuit filed by the United States Securities and Exchange Commission (SEC) since late 2020. The latter claimed that Ripple and its executives were offering XRP to investors as an unlicensed security.
Last week, the SEC took a hit in its case against Ripple after a US judge ruled that the SEC should produce internal documents related to the “Hinman speech” that could be crucial evidence to support Ripple’s defense. If Ripple is successful in claiming that XRP is not a security, some believe this decision could set a precedent for other similar crypto token issuers while driving up XRP prices.
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