Robert Steinadler, a year ago
Yesterday we witnessed an historic moment in cryptos because Jed McCaleb sold his last remaining XRP. This marks the end of the relationship between the co-founder, the company and XRP.
Why is this such a big deal and how is this going to affect the XRP price in the future?
McCaleb started to develop the XRP ledger along with David Schwartz and Arthur Britto in 2011. One year later he co-founded a company that later became Ripple together with Chris Larsen and Britto. But McCaleb's goals didn’t align with Ripples so he left early in the year 2013.
Unlike Bitcoin, the total supply of XRP was determined from the start and allocated between the 4 parties involved. Ripple held the biggest share with 80 billion XRP. The other 20 billion XRP were split between Larsen, Britto and McCaleb. McCaleb started to develop his own crypto called Stellar (XLM) in 2014 and because of this a situation arose.
While he formulated his own vision of what he thought a crypto like XRP should look like by supporting Stellar, McCaleb started to sell his vast XRP holdings. There is still a controversy over whether this had an impact on the XRP price or not.
Fast forward to June 2022 and apparently McCaleb likes tacos. Posting a picture on Twitter of a restaurant called The Taco Stand, McCaleb let the world know he is “almost there”. At that time there were approximately over 80 million XRP still left in his wallet.
It was yesterday when he moved the last 3.898.451 XRP out of his wallet and it seems that this chapter is finally closed. With only 47,6912 XRP left in his wallet, McCaleb is done with XRP. This fact was so significant that even Ripple had to mention it on social media and honored the moment with a blog post on the company’s website.
Up until this day many believe that McCaleb was putting the XRP price under constant pressure. Some even blame their losses on him and the fact that he dumped continuously. The truth is that there was an agreement in place since 2016 which prevented him from doing damage. McCaleb was allowed to sell his holding but only within the limits of the daily trading volume. Effectively preventing him from pushing the price down. After all these years there is only one effect that we can be certain of. McCaleb became a billionaire selling all his XRP.
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