Ripple co-founder Jed McCaleb has sold the rest of his loot. In total, he got rid of 9 billion XRP in the last few years.
Jed McCaleb gets rid of his last XRP
As a reminder, Jed McCaleb, the founder of Ripple, had 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 as a result of the lawsuit represented 18% of all outstanding XRP.
McCaleb’s regular “dumps” were therefore viewed with suspicion by the Ripple community, who considered it incongruous that the head of a competing project would continue to sell such amounts.
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, that’s a sum of $3.2 billion.
The XRP community welcomed this long-awaited milestone.
Lately, the news has been pretty positive on the Ripple side. While the company has been embroiled in a legal battle with the Securities and Exchange Commission (SEC) since 2020, it has been gaining small victories. Last week, it won a requirement for the SEC to disclose some key documents related to the case.
Considered a “historic” cryptocurrency, XRP is currently the seventh most capitalized crypto. It is worth $17 billion and is hot on the heels of Binance’s BUSD.