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Former Ripple Co-founder, Jed McCaleb Empties his XRP Wallet

Ripple XRP
Ripple XRP

A former co-founder of Ripples Lab, Jed McCaleb, has reportedly emptied his XRP wallet. The payment protocol relayed the information in a tweet on Monday. Also, further checks on the blockchain explorer XRP scan confirmed that the former co-founder transferred 11 million XRP worth $395,742 on Sunday.

The latest move by McCaleb ended his 9 billion XRP sell-off issue. Before this latest transaction, the former co-founder had sold billions of his XRP holdings. He reportedly left Ripple in 2014 to co-establish another payment protocol, identified as Stellar. The latest transfer from his XRP holding may indicate an end to his investment in the payment protocol. 

As reported, after the latest transaction, McCaleb left his “tacostand” wallet with 46.7 XRP. A subsequent check on the XRP wallet details confirmed the move on the XRP ledger. Findings reveal that within the eight years of the sell-off, the co-founder has sold about 19% of the total XRP circulating supply. This statistic appears to be a welcomed development, particularly by the crypto community.

XRP Whale reacted to the development. He told his Twitter followers that with the final move by McCaleb, investors now hold more XRP than the Ripple co-founder.

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Ripple’s legal tussle with SEC

Recall that the protocol is currently having a legal battle with the U.S. Securities and Exchange Commission (SEC). This legal issue began in 2020 after the agency accused Ripple of selling investors $1.3 billion worth of unlicensed security. 

Due to this development, the SEC filed a lawsuit against Ripple and its executives, believed to be shareholders. The protocol responded by challenging the agency’s powers to trail its operations. It argued that XRP is never security and the SEC’s unlawful move to check its activities. 

The two-year-long case took another dimension in the past week after a U.S court ordered the release of the “Hinman speech” by the SEC. The court indicted the SEC for covering up a speech document capable of aiding Ripple’s defense. Now, it seems the proceeding is gradually swinging towards favoring the protocol.

According to CoinMarketCap, the current XRP price of XRP stands at $0.364575. Similarly, it currently enjoys a 24-hour trading volume of $1,302,544,801. This development means the asset has increased by 2.71% within the last 24 hours.

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