XRP Price Gains Following News that Jed MacCaleb Sales Are Over
- About eight years ago, McCaleb brought an end to his relationship with Ripple. Then, he left to co-establish a competing payment platform identified as Stellar.
- However, since his departure, McCaleb has let go of his XRP holdings at different intervals.
Erstwhile Ripple Labs founder, Jed McCaleb has let go of a substantial part of his XRP holding. After holding the XRP for eight years, he has ditched the token and now holds 46.7 XRP according to blockchain data.
XRP Free From MacCaleb Selling Pressure
As indicated, McCaleb has only $16 worth of XRP in his possession. Notably, this development manifested after he dispatched about 1.1 million XRP. Notably, the transaction took place around 6:31 am on Sunday.
Moments after, the wallet became categorized as “Account Delete”. This implies that it has been deleted from the XRP ledger. Above all, the latest transfer amounts to a sell-off of 9 billion XRP instigated by McCaleb since he left the organization.
About eight years ago, McCaleb brought an end to his relationship with the firm. Then, he left to co-establish a competing payment platform identified as Stellar. However, since his departure, McCaleb has let go of his XRP holdings at different intervals.
Worth noting, that MacCaleb had been issued with approximately 18.6 percent of the overall XRP in circulation to facilitate their breakaway. Following his final sale, the XRP and the cryptocurrency enthusiasts have embraced the development with open arms. It has spurred different reactions from them, but mostly in a positive term.
Meanwhile, two days before the last transaction, a report from Crypto Town crier established that McCaleb will keep his tokens. This report lured many of the XRP community to believe that the Tech expert will wait for the value of XRP to soar.
According to the news outlet, the expert decided to hold the token on Thursday night. McCaleb opted against selling them off because he couldn’t withstand selling them. However, things changed when McCaleb initiated the transfer on Sunday morning, that same week.
Side Notes
Meanwhile, it has been a turbulent period for the Ripple labs and the XRP token so far. While the firm is battling what seems like an endless war with the Securities and Exchange Commission. According to our market, XRP currently trades around $0.3642. The asset has a market cap of approximately $17.6 billion with its average 24-hour volume at around $14.6 billion.
Ripple Labs, the firm has been at loggerheads with the SEC for over two years now. The commission accused the leaders of the firm of selling unregistered assets to investors. Consequently, leading to a court case between the two.
Ripple Labs has in the past challenged the commission’s legitimacy to watch over its activities. The firm has previously submitted that XRP isn’t a security, therefore, the SEC lacks the jurisdiction to sanction it. Recently, this position gained substantial ground after the manifestation of the “Hinman Speech”.
With that, the presiding Judge condemned the SEC for being hypocritical and ordered the release of the Hinman document. More so, the Firm has gained a major advantage in overcoming the commission in the legal tussle.
Likewise, Ripple Labs has felt the negative impact of the lawsuit. The firm revealed that it has spent over $100 million on legal counsel since the inception of the case.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
