A number of XRP proponents seem to be celebrating the dumping of the XRP tokens by Jed McCaleb for reasons that may be personal to these individuals.
By Godfrey Benjamin
Updated
3 mins read
Jed McCaleb, one of the co-founders of Ripple Labs Inc, a blockchain payments firm has finally offloaded his infamous “Tacostand” wallet, leaving only 46.7 XRP coins worth about $16.95 at the time of writing.
Jed Mc Caleb at some point was one of the individuals with the largest amount of XRP coin holdings in the world. With his total crypto holdings worth over 9 billion XRP, a figure that represents 18.6% of the supply, many were unpleased with the massive sway McCaleb has over the payments token.
Since leaving Ripple Labs to go co-found a rival payment protocol, Stellar (XLM), McCaleb has gone on targeted dumping of his XRP holdings. The last tranche of 1.1 million XRP, worth about $398090 at the time of writing was sold off on July 17 as affirmed by the XRP Scan blockchain explorer.
Per the explorer, the Tacostand wallet has been listed for an “ACCOUNT DELETE” transaction, one that must have been initiated by Jed McCaleb. With the Account Delete transaction, the Tacostand wallet is bound to self-destruct, meaning it would not exist anymore.
A number of XRP proponents seem to be celebrating the dumping of the XRP tokens by Jed McCaleb for reasons that may be personal to these individuals. However, the initiated selloff which took a span of about 8 years has pushed XRP to be more of a decentralized coin with fewer individuals holding a significant percentage of the total supply.
“The moment we have all waited for is finally upon us. @JedMcCaleb has finally emptied his taco stand. His dumping of $XRP is now over after many years. Party time!!!,” Twitter account Rob XRP tweeted.
The moment we have all waited for is finally upon us. @JedMcCaleb has finally emptied his taco stand. His dumping of $XRP is now over after many years. Party time!!! 🎉🎉🎉 https://t.co/lS9kfCf98A
— Rob XRP ☀️ (@robxrp1) July 18, 2022
As if making a sigh of relief, an account dubbed XRP Whale said in its tweet that with the dump-off, an average individual can finally own more than Jed McCaleb, a feat that seems impossible some few years back.
Since the United States Securities and Exchange Commission (SEC) launched a lawsuit against Ripple Labs for selling unregistered XRP securities back in December 2020, the XRP coin has been taking a significant hit on all fronts. While Ripple chose to slug it out with the regulator, unique upheavals with respect to the case have been having a profound impact on the price of XRP.
An article published by “The Crypto Town Crier” alleged that the dragging feet McCaleb exhibited in selling off his last 5 million XRP coins was just to have more money in the bag should the coin moon over time.
“McCaleb, who has sold multiple billions of XRP since leaving Ripple in 2014, said he woke up in a cold sweat Thursday night and realized he just couldn’t let the last of his holdings go,” the said article reads, per an excerpt from a CoinTelegraph report.
With the selloff now, however, all hopes to cash out on any increase in price should Ripple win the case are lost.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
