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Jed McCaleb empties XRP pockets after eight-year selloff

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Former Ripple Labs founder Jed McCaleb has lastly ended the eight-year dump of his XRP holdings, leaving solely 46.7 XRP left sitting in his famed “~tacostand” pockets. 

According to blockchain explorer XRP Scan, the previous Ripple founder executed his final outgoing XRP switch of 1.1 million XRP (value $394,742.18) at 6:31 am (UTC) on July 17.

Hours later, the account listed an “ACCOUNT DELETE” transaction, which means the account will not exist on XRP’s ledger.

The transaction marks the tip of a 9 billion XRP sell-off initiated by McCaleb after leaving Ripple Labs to co-found rival fee protocol Stellar in 2014.

The quantity McCaleb has launched over the past eight years represents round 18.6% of the whole circulating provide of XRP and has been taken as welcome information by the crypto neighborhood.

XRP proponent “XRP whale” proclaimed to his 57,500 followers on Twitter that with the ultimate sell-off, one can lastly personal extra XRP than McCaleb.

On Friday, a satirical article from “The Crypto Town Crier” led some to imagine that McCaleb determined to carry onto his final 5 million XRP “just in case it moons.”

“McCaleb, who has sold multiple billions of XRP since leaving Ripple in 2014, said he woke up in a cold sweat Thursday night and realized he just couldn’t let the last of his holdings go,” wrote the authors behind the satire piece.

The Crypto Town Crier is a satirical information website with the tagline “Where truth matters more than accuracy.”

Related: Price evaluation 7/15: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

The worth of XRP is at the moment sitting at 0.3564, up 0.82% over the past 24 hours. The asset is down nearly 90% from its January 2018 all-time excessive of $3.40. 

Ripple Labs has been embroiled in a lawsuit filed by the Securities and Exchange Commission (SEC) since late 2020, with the latter alleging Ripple and its executives had supplied XRP as unlicensed safety to traders.

Last week, the SEC suffered a blow in its case towards Ripple after a U.S. choose dominated that the SEC should produce inside paperwork referring to the “Hinman speech,” which could possibly be a pivotal piece of proof in assist of Ripple’s protection.

Should Ripple achieve success in arguing that XRP isn’t a safety, some imagine this ruling might set a precedent for different related crypto token issuers whereas boosting XRP costs.