According to data from XRPscan, the former Ripple founder’s ‘Tacostand’ wallet contains just $16 worth of XRP.
End of the well-known ‘Tacostand’ wallet
Former Ripple founder Jed McCaleb has ended the eight-year dump of his XRP stock. Currently there is only 46.7 XRP left in his famous ‘tacostand’ wallet.
According to blockchain explorer XRPscan, he made his last outbound XRP transfer of 1.1 million XRP (worth $394,742.18) on July 17 at 6:31 a.m. (UTC).
Hours later, the account listed an “ACCOUNT DELETE” transaction, meaning the account no longer exists in XRP’s ledger.
This transaction marks the end of a $9 billion sale of XRP. This was initiated by McCaleb after he left Ripple Labs to co-found rival Stellar in 2014.
The amount McCaleb has released over the past eight years represents approximately 18.6% of XRP’s total circulating supply. The crypto community sees this move as good news.
XRP proponent ‘XRP whale’ announced to his 57,500 followers on Twitter that with the latest sell-off, one can finally own more XRP than McCaleb.
Satirical article on McCaleb
On Friday, a satirical article from “The Crypto Town Crier” led some to believe that McCaleb decided to hold onto his last five million XRP in case it skyrocketed.
McCaleb, who has sold multiple billions of XRP since leaving Ripple in 2014, said he woke up on Thursday night tense and anxious, realizing he couldn’t let his last possession go.
Authors of Crypto Town Crier
The Crypto Town Crier is a satirical news site with the tagline “Where truth is more important than accuracy.”
Lawsuit filed by SEC
The price of XRP is currently at USD 0.3564. This is an increase of 0.82% in the past 24 hours. The asset is down nearly 90% from its all-time high of $3.40 in January 2018.
Ripple Labs has been embroiled in a lawsuit filed by the Securities and Exchange Commission (SEC) since late 2020. The SEC alleged that Ripple and its executives had been offering XRP to investors as an unlicensed security.
Last week, the SEC received bad news after a US judge ruled that the SEC must submit internal documents related to the “Hinman speech.” This can be a crucial piece of evidence in support of Ripple’s defense.
Should Ripple succeed in claiming that XRP is not a security, some believe this ruling could set a precedent for other similar crypto token issuers.
