Jed McCaleb, the co-founder, and former chief technology officer of Ripple, is done offloading his XRP holdings.
No More Dumping By McCaleb — And That’s Bullish
An eight-year dumping spree has come to a long-overdue end.
Just days ago, on-chain data showed that Jed McCaleb’s wallet held around 2.77 million XRP tokens. However, his ‘tacostand’ wallet currently shows just 46.7 XRP worth circa $20 left.
The former founder of Ripple sent out his final transfer of 1.1 million XRP, worth $394,742.18, at 6:31 AM UTC on Sunday, according to blockchain explorer XRP Scan.
Jed McCaleb, the creator of the now-defunct Bitcoin exchange Mt. Gox, served as the Ripple CTO until 2013 before co-founding the Stellar Development Foundation in 2014.
But the breakup came with generous alimony. McCaleb was awarded more than 9 billion XRP as part of the compensation plan as one of the project’s main contributors. Although he was forbidden from selling all the tokens in one go, he was free to donate or sell his tokens on a fixed schedule.
And sell he did. He dumped over 1.2 billion XRP between 2014 and early 2020 alone. McCaleb notably put the brakes on his XRP sales right after the United States Securities and Exchange Commission initiated a lawsuit against Ripple. He, however, resumed the sales shortly afterward.
XRP On Cusp Of Monster Bull Run?
McCaleb fully offloading his XRP stash is envisioned to breathe new life into the XRP market and could boost enthusiasm and propel the price of the troubled token higher.
As one of the Ripple co-founders, his constant dumping created massive controversy for XRP. Now, it has a better chance to flare and reclaim its position as the world’s third-largest cryptocurrency by market valuation.
Only one hurdle stands in the way of the immense XRP price targets: the ongoing SEC v. Ripple battle. Ripple’s success in the case will undeniably give XRP a gargantuan boost. If the SEC wins, however, reaching enormous highs could remain an impossible dream.