The former co-founder of Ripple Labs, Jed McCaleb, has finally emptied his so-called “taco stand,” bringing his massive token dumps to an end after several years. XRP holders are excited about the news and hope that the token could finally gain relief from selling pressure.
Judging by Ripple’s progress so far in the SEC lawsuit and today’s news, one can easily say that things are gradually coming together for the sixth-largest digital currency by market capitalization.
Jed McCaleb’s XRP dumps now over
At the moment, McCaleb wallet only has about 46.7 XRP remaining. The former Ripple boss sold the last batch of XRP, which contained 1.1 million tokens, on July 17th, around 6:31 am UTC. This brings the massive XRP dumps by McCaleb to an end after eight years.
Since McCaleb left Ripple in 2014 to start the Steller network, he has reportedly dumped about nine billion XRP tokens, netting him more than $3 billion in profit. He sold off most of his holdings after SEC announced the lawsuit against the blockchain firm Ripple back in December 2020.
Prior to the news today, Jed McCaleb had said on July 16th that he would retain his remaining tokens just in case the price of XRP skyrockets again. “If you think about it, it would be really stupid if I sell it all. I mean, what if it really does go to $589 a token? I could be RICH!” he said in a Zoom call.
XRP price update
The price of XRP is currently at $0.3629, and almost 4% increase from the previous day. The trading volume has increased by 20% – precisely over $1.5 billion in XRP has been traded across the exchanges over the past 24 hours. However, XRP is still 90% down from its all-time high back in 2018.
