Former Ripple Labs founder Jed McCaleb has finally ended the eight-year dump of his XRP holdings, leaving just 46.7 XRP in his famous “~tacostand” wallet.
According to blockchain explorer XRP analysisthe former founder of Ripple executed his last outgoing XRP transfer of 1.1 million XRP (worth $394,742.18) at 06:31 (UTC) on July 17.
A few hours later, the account listed an “ACCOUNT DELETE” transaction, which means the account will no longer exist in the XRP ledger.
The amount McCaleb has released over the past eight years represents approximately 18.6% of the total circulating XRP supply and has been considered good news by the crypto community.
– Rob XRP ☀️ (@robxrp1) July 18, 2022
XRP promoter “XRP whale” has proclaimed to his 57,500 Twitter followers that with the final sale, one can finally own more XRP than McCaleb.
— XRP whale (57.5k Followers) (@realXRPwhale) July 17, 2022
A satirical article by “The Crypto Town Crier” on Friday led some to believe that McCaleb had decided to hold on to his last five million XRP “just in case it sucks.”
“McCaleb, who has sold billions of XRP since leaving Ripple in 2014, said he woke up in a cold sweat on Thursday night and realized he just couldn’t let the last one go. of his assets,” wrote the authors of the satirical article.
The Crypto Town Crier is a satirical news site with the slogan “Where truth matters more than accuracy”.
XRP price currently stands at 0.3564, up 0.82% in the last 24 hours. The asset is down nearly 90% from its January 2018 all-time high of $3.40.
Ripple Labs has been embroiled in a lawsuit filed by the Securities and Exchange Commission (SEC) since late 2020, with the latter alleging that Ripple and its executives offered XRP as unlicensed security to investors.
Last week, the SEC suffered a blow in its case against Ripple after a U.S. judge ruled that the SEC must produce internal documents relating to “Hinman’s speech,” which could be key evidence in support of Ripple’s defense.
If Ripple were successful in arguing that XRP is not a security, some believe that this move could set a precedent for other similar crypto token issuers while increasing XRP prices.