Jed McCaleb emptied his XRP wallet after the eight-year selloff and the scans show that now the wallet only has $16 worth of coins left so let’s see what it is all about in today’s Ripple news.
Former Ripple Labs founder Jed Mccaleb emptied his XRP wallet after the eight-year dump of his coin holdings and only left $16 worth of XRP. According to XRP Scam, the former ripple founder executed his last outgoing transfer of a million XRP worth $394,741, and hours later, the account listed an “Account Delete” transaciton which means the accounts will no longer exist on the ledger.
— Rob XRP ☀️ (@robxrp1) July 18, 2022
The transaction marked the end of the 9 billion XRP sell-off by McCaleb after he left Ripple Labs to co-founder Stellar in 2014. The amount that he released over the past eight years only amounted to 18.6% of the total supply of XRP and was taken as good news by the community. The XRP proponent and whale proclaimed to the followers on Twitter that with the final sell off one can own more XRP than McCaleb does. However, a satirical piece from a few days ago led some to believe that McCaleb decided to hold on to the last five million XRP in case it surges:
“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.”
— XRP whale (57.6k Followers) (@realXRPwhale) July 17, 2022
The price of XRP is now trading at $0.3564 or up by 0.82% in the past day. The asset is down by 90% from the high in 2018 of $3.40. Ripple Labs was entangled in lawsuits by the US SEC since late 2020 with the latter alleging that Ripple and its executives offered the coin as unlicensed security to the investors. The SEC suffered a heavy blow in the case against Ripple after a judge ruled that the SEC ahs to produce internal documents that related to the “Hinman speech” and was supposedly pivotal for the evidence against Ripple. If ripple wins the case and XRP is not a security, some believe that it will be a precedent for other similar crypto token issuers.
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