XRP Fans Celebrate as Ripple Co-Founder Finally Dumps Remaining Tokens

Jed McCaleb, the co-founder and ex-Chief Technical Officer of fintech firm Ripple, appears to have finished his infamous dumping of XRP tokens in the market, with a wallet he controls now showing a balance of just XRP 47.7, or just over 17 US dollars.

Per data from the blockchain explorer XRP Scan, McCaleb made the last outbound transaction from his wallet dubbed “~tacostand” on Sunday at 18:31 UTC, when XRP 1.1m (USD 404,000) left the wallet.

The transaction was followed by an “ACCOUNT DELETE” transaction, which indicates that the user has paid a higher-than-usual transaction fee to have an account deleted from the XRP Ledger.

Jed McCaleb has regularly sold off tokens from his wallet, which once held some 9bn XRP tokens. The Ripple co-founder started selling his tokens after leaving Ripple in 2014. He went on to found the rival payment protocol Stellar (XLM) later that year.

McCaleb co-founded Ripple in 2012 under the name OpenCoin together with Chris Larsen and Arthur Britto.

The tokens that have been transferred from McCaleb’s wallet over the years represent a whopping 18.6% of the total circulating XRP supply, and are believed to have added downward pressure on the XRP price.

Unsurprisingly, the news that the Ripple co-founder is done selling was welcomed by the XRP community.

At 11:47 UTC on Monday, XRP traded at USD 0.3658, up 4.3% in the past 24 hours and 12.3% in the past 7 days. Overall, it’s up over 13% in a month, down nearly 40% in a year, and down 89% from its all-time high last recorded back in January 2018. 

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