Ripple co-founder Jed McCaleb has sold the rest of his loot. In total, he has disposed of 9 billion XRP over the past few years
Jed McCaleb gets rid of his last XRP
As a reminder, Jed McCaleb, the founder of Ripple, left the project to create Stellar (XLM). A lawsuit with Ripple had left him with several billion XRP, which he had been getting rid of for many years now. The sales were indeed capped at a certain amount per month, in order not to make the XRP price plunge.
However, this did not stop Jed McCaleb from making large sales, sometimes disposing of several million XRP in one day. In total, the amount awarded to the co-founder following the lawsuit represented 18% of all outstanding XRP.
McCaleb’s regular dumps were therefore frowned upon by the Ripple community, who considered it incongruous that the head of a rival project was still selling such sums.
An empty address at last
Jed McCaleb finished selling his crypto-currencies yesterday, if his address, where the last million XRP left, is to be believed. This is the end of a very long story that dated back to 2014. In total, the co-founder of Ripple was able to recover and sell 9 billion XRP. At the current price, this is equivalent to a sum of $3.2 billion.
The XRP community welcomed this long overdue milestone:
BREAKING: Recently Jed McCaleb has sold off his remaining 5M $XRP You now own more XRP then himXRP
– XRP whale (@realXRPwhale) July 17, 2022
There has been some positive news from Ripple recently. While the company has been embroiled in a legal battle with the Securities and Exchange Commission (SEC) since 2020, it has been winning small victories. Last week, it won an obligation from the SEC to disclose some key documents related to the case.
Considered a “historic” cryptocurrency, XRP is currently the seventh most capitalised crypto. It is worth $17 billion and is hot on the heels of Binance’s BUSD.
