California, USA – Former CTO of Ripple, Jed McCaleb, sells all XRP funds from her Tacostand until it reaches zero.
Jed McCaleb had XRP funds in his crypto wallet called “Tacostand”, which is now on zero balance after selling all his funds. He maintained his XRP balance since he left Ripple but now, he maxed out all his XRP worth 700 million before selling these. He’s been selling his XRP since May, but he sold everything just now.
McCaleb is currently the CTO and co-founder of Stellar, and he co-founded Ripple in 2011. He left the company because of internal disagreements, and he received a part of the funds as Ripple promised for his service in the company.
As per David Schwartz, Ripple’s CTO now filed some cases that will stock McCaleb from selling all his holdings at once, but he would prefer to receive his XRP funds through escrow payments yearly to preserve the value of XRP in the market.
According to Leo Hadjiloizou, a cryptocurrency researcher, the address of McCaleb’s crypto wallet has a zero fund. In 2020, it had 4 billion XRP, but the fund decreased to 174 million after the transfer on September 1. The 709 million XRP left in its wallet is no longer there.
Many traders think he sold his XRP funds, but it wouldn’t have too much selling pressure. It might not even jump in value. After the transfer, traders gloated because it will reduce the selling pressure in the next days.
On another note, XRP had a busy week after recovering from $1.09. It even traded around $1.41, which is a 30%-boost. With its performance, this crypto might trade at $1.60. However, external factors might change the performance of this crypto, and one is the ongoing case against Ripple. It was filed by the US Securities and Exchange Commission or SEC. Now, it trades at $1.29, trying to recover in the last 24 hours.