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.

Jed McCaleb

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.

XRP daily chart. Source: CoinCu

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.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.