The former Ripple co-founder sent 1.1 million XRP, valued at $394,742.18.
Jed left Ripple Labs in 2014 to co-found Stellar, a competing payment technology.
It’s been eight years since Ripple Labs co-founder Jed McCaleb began dumping his XRP holdings, leaving him only 46.7 XRP in his wallet. XRP Scan, a blockchain explorer, reports that at 6:31 a.m. UTC on Sunday, the former Ripple creator sent 1.1 million XRP, valued at $394,742.18, out of his XRP wallet.
XRP Sell-off Over 8 Years
An “Account Delete” transaction was noted in the account a few hours later, indicating that the account would be deleted from XRP’s ledger. McCaleb sold 9 billion XRP after leaving Ripple Labs in 2014 to co-found Stellar, a competing payment technology.
Cryptocurrency enthusiasts have welcomed the revelation that McCaleb has distributed 18.6% of the circulating quantity of XRP over the last eight years. This is the last sell-off that will let anybody buy more XRP than McCaleb, according to the proponent of XRP whale.
XRP is presently trading at 0.3664, up 4.22% in the last 24 hours. The asset has lost about 90% of its value from its all-time high of $3.40 in January 2018. The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs in late 2020, claiming that the company and its employees sold XRP as unauthorized security to investors.
It was announced last week that the SEC would have to submit internal records pertaining to the “Hinman speech,” which might be crucial evidence in favor of Ripple’s defence, as part of its case against the company. Token issuers may follow Ripple’s lead and argue that XRP is not a security, which might lead to an increase in the value of the XRP coin.