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Former Ripple co-founder closes his wallet after eight years of selling XRP

 


XRP scan shows that Ripple founder Jed McCaleb's wallet only has a balance of 16 USD.


The former founder of Ripple Labs, Jed McCaleb, after eight years of selling, has now made it so far that there are only 46.7 XRP in his XPR wallet.


According to XRP Scan, on July 17, McCaleb made his last XRP transfer of 1.1 million XRP worth $394,742.18.


Hours later, the account showed an “account delete transaction” meaning the account no longer exists on the ledger of XRP.


The transaction marks the end of a 9 billion XRP sale initiated by McCaleb after he left Ripple Labs. This happened in 2014 when he subsequently co-founded the payment protocol Stellar.


The amount McCaleb has released over the past eight years represents approximately 18.6% of the total circulating supply of XRP, which has been well received by the XRP community.


XRP advocate “XRP-Whale” wrote on Twitter that with the last sale one can finally own more XRP than McCaleb.


XRP is priced at $0.365 at the time of writing, up 0.82% over the past 24 hours. XRP is down almost 90% from its January 2018 all-time high of $3.40.


Ripple Labs has been involved 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 to investors as an unlicensed security.


Last week, the SEC took a hit after a US judge ruled that the SEC must produce internal documents related to the Hinman speech that could be a crucial piece of evidence in support of Ripple's defense.


Should Ripple win the lawsuit, it could set a precedent that multiple crypto token issuers could benefit from. Many assume that this would also boost the price of XRP enormously.

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