XRP May Rise , Here Is Why

Former Ripple Labs founder Jed McCaleb has finally ended the eight-year dump of his XRP holdings, leaving only 46.7 XRP left sitting in his famed “tacostand” wallet. 

According to blockchain explorer XRP Scan, the former Ripple founder executed his last outgoing XRP transfer of 1.1 million XRP (worth $394,742.18) at 6:31 am (UTC) on July 17.

Hours later, the account listed an “ACCOUNT DELETE” transaction, meaning the account will no longer exist on XRP’s ledger.

After leaving ripple labs to set up rival project stellar, he finished his 9 billion tokens with this latest sale. This sale has been going on since 2014.

Related : Modular Capital Raises $20M from MultiCoin, Others

The amount McCaleb has released over the last eight years represents around 18.6% of the total circulating supply of XRP and has been taken as welcome news by the crypto community.

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


XRP proponent “XRP whale” proclaimed to his 57,500 followers on Twitter that with the final sell-off, one can finally own more XRP than McCaleb.

The price of XRP is currently sitting at 0.3564, up 0.82% over the last 24 hours. The asset is down almost 90% from its January 2018 all-time high of $3.40. 

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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