Jed McCaleb Finally Ends His 8-year XRP Marathon Dump

July 18, 2022

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The co-founder and former CTO of Ripple, Jed McCaleb has finally emptied his XRP wallets after a continuous 8-year dump, with just $16 left in his “tacostand” wallet as of writing this.

In the information revealed by the blockchain explorer, XRP scan, on July 17 at 6:31 am (UTC), McCaleb carried out his last XRP marathon dump with the remaining 1.1 trillion XRP ( over $390,000 in current XRP  market price).

After some hours from the final dump, the account listed an “ACCOUNT DELETE” transaction, depicting that the account will no longer exist on the XRP ledger (XRPL).

McCaleb in 2014 left Ripple Labs to found Stellar (XLM) after which he was compensated with 9 billion XRP by Ripple Labs.

Since he left Ripple, he has been continuously releasing his XRP, although at a controlled rate due to the agreement he had with Ripple Labs not to sell off his XRP tokens immediately to prevent Ripple’s token volatility.

Jed McCaleb’s total amount of XRP tokens dumped in the last eight years equals 18.6% of the total XRP market supply.

Currently, Ripple is a little up by 2% in the last 24 hours, sitting at $0.3652, Ripple since its 2018 all-time high of $3.40 is yet to cling up to that price.

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XRP Community’s view

Following the reveal of the McCaleb XRP dump, there have been reactions from the XRP community, reactions that seem like the XRP warriors have been waiting for the end of the McCaleb XRP dump.

XRP Whales also shared the news on Twitter, stating that anyone could now own more XRP than McCaleb.

Ripple’s case with SEC is still in existence, last week, the SEC suffered a blow in court after a court ruling asking the SEC to produce internal documents relating to the “Hinman speech,” which could be a pivotal piece of evidence in support of Ripple’s defense.

Ripple has said it would leave the US should its case fail against the Securities and Exchange Commission on the arguments whether Ripple is not a security.

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