Jed McCaleb empties his XRP wallet following an eight-year selloff

At the time of writing, XRP Scan reveals that the former Ripple founder’s “Tacostand” wallet contains only $16 worth of XRP.

Former Ripple Labs founder Jed McCaleb has finally completed the eight-year sale of his XRP holdings, leaving him with only 46,7 XRP in his infamous “tacostand” wallet.

According to the blockchain explorer XRP Scan, the former Ripple founder made his final outbound XRP transfer of 1,100,000 XRP (worth $394,742.18) on July 17 at 6:31 a.m. (UTC).

Several hours later, the account reflected a “ACCOUNT DELETE” transaction, signifying that the account will no longer exist on the XRP ledger.

The transaction represents the conclusion of a 9 billion XRP sale that was launched by McCaleb when he left Ripple Labs in 2014 to co-found the competing payment technology Stellar.

The amount distributed by McCaleb over the past eight years equals around 18.6 percent of the total supply of XRP and has been received well by the cryptocurrency community.

XRP advocate “XRP whale” tweeted to his 57,500 followers that with the final sell-off, it is now possible to own more XRP than McCaleb.

On Friday, a satirical post from “The Crypto Town Crier” led some to believe that McCaleb kept his last five million XRP “just in case it moons.”

The authors of the parody story said, “McCaleb, who has sold several billions of XRP since leaving Ripple in 2014, claimed he woke up Thursday night in a cold sweat and realised he just couldn’t let the last of his assets go.”

The Crypto Town Crier is a satirical news website whose slogan is “Where truth is more important than accuracy.”

The current price of XRP is 0.3564, a 0.82 percent increase over the past 24 hours. The asset is down nearly 90 percent from its all-time high of $3.40 in January 2018.

Since late 2020, Ripple Labs has been embroiled in a lawsuit filed by the Securities and Exchange Commission (SEC), which alleges that Ripple and its officials sold XRP to investors as an unauthorised security.

A U.S. judge decided last week that the SEC must provide internal records related to the “Hinman speech,” which could serve as a crucial piece of evidence in Ripple’s defence.

Some believe that if Ripple is successful in claiming that XRP is not a security, this might set a precedent for other similar crypto token issuers and enhance the price of XRP.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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