Finally, after a long wait, Jed McCaleb is done with dumping all of the XRPs he had in his possession. Jed McCaleb was the ex-Chief Technical Officer and co-founder of Ripple, a major fintech firm that launched XRP.
Jed McCaleb no Longer has XRP in his Possession
After leaving Ripple, Jed McCaleb initiated his infamous dumping of XRP tokens. On a daily basis, McCaleb was dumping millions of XRPs into the market, keeping the XRP market at a lower level. Due to the constant dumping, the trading value of XRP was not able to rise up to its full potential.
The latest reports suggest that the wallet that belonged to the former CTO of Ripple now has around 47.7 XRP tokes in it, translating to around $17.
Last Transaction by McCaleb
According to information from the on-chain data analyzing firms, McCaleb had made the last transaction from his wallet on Sunday. The wallet owned by McCaleb had been dubbed “tacostand”. The last batch of XRPs that left McCaleb’s wallet carried 1.1 million XRPs, which translates to $404k.
The analytical firms confirmed that as the final transaction was processed, it was initiated with the “ACCOUNT DELETE” trigger. This term appears when the user pays a fee to delete an account following the transaction. The users triggering such transactions are charged a higher fee than the usual processing fee.
Jed McCaleb Initiated his Selling Spree in 2014
It was back in 2014 when Jed McCaleb left Ripple and with him, he left with over 9 billion tokens of XRP. Later, he became the founder of Stellar (XLM) in 2014, which is a rival payment protocol of XRP.
The total XRP McCaleb had in his possession comprised 18.6% of the total XRP tokens circulating within the blockchain sector. For years, McCaleb had continued building up a tremendous amount of pressure over XRP.
Finally the pressure McCaleb continued exerting for years has been lifted with the last transaction he made on Sunday.
The News was Well Received by the XRP Community
Turns out, the announcement of McCaleb selling all the XRPs in his possession was exactly what the XRP community needed. It has been well received by the XRP community and a significant rise has been recorded in the trading price of the digital asset.
According to the majority of the crypto analysts, it is a good sign for XRP as it will face no pressure from the everyday selling of the tokens.
On Monday, the trading price of XRP started to move higher. In the past 24 hours, it has experienced a 4.3% surge while it has experienced a 12.3% surge in the past 7-days. In terms of monthly performance, the trading price of XRP has risen 13%. The YTD data shows XRP has suffered a 40% dip until now.
