The Event That Ripple Holders Have Been Waiting For 8 Years Finally Happened

Former Ripple Labs founder Jed McCaleb has finally ended up dumping his eight years of XRP, leaving only 46.7 XRP in his famous “tacostand” wallet. As CoinCu reported, what the XRP HODLer was expecting from last week is finally happening.

According to blockchain explorer XRP Scan, the Ripple founder made his last XRP transfer of 1.1 million XRP (worth $394,742.18) at 6:31 a.m. UTC on July 17.

A few hours later, the account listed the transaction as “CLEAR ACCOUNT,” which means the account will no longer exist on XRP’s ledger.

This transaction marks the end of the 9 billion XRP sell-off initiated by McCaleb after leaving Ripple Labs in 2014.

The amount McCaleb has sold over the past eight years represents approximately 18.6% of the total circulating supply of XRP and has been considered welcome news by the crypto community.

XRP price is currently at $0.3646, up 4.78% over the past 24 hours. The asset is down nearly 90% from its January 2018 all-time high of $3.40.

Ripple Labs has been embroiled in a lawsuit filed by the US Securities and Exchange Commission (SEC) since late 2020, the SEC alleges that Ripple and its executives offered XRP as illegal securities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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