Ripple Co-Founder’s XRP wallet ‘dumps’ out, price jumps 12%

Namrata Shukla
Ripple McCaleb's XRP dump
Source: Pixabay

Once again, we’re at the tail end of a bull run. Once again, the falling tide of prices turned many from the crypto space into millionaires, multi-millionaires, billionaires, and, not to forget, multiple ‘nil-lionaires’. However, while the traders were actively trying to cut their losses and make some profit in this volatile market, one person sold off all his XRP. His name? Jed McCaleb– the former executive and co-founder of Ripple.

“Tacostand” sold out?

Upon his exit from Ripple in 2013, McCaleb had 9 billion XRP in his wallet “tacostand.” However, to ensure no dumps occur, McCaleb signed a contract with Ripple to guarantee the same. Nevertheless, McCaleb was frequently blamed for the low price of digital assets.

After a view revisions in McCaleb’s contract in February 2016, Ripple asked him to donate 2 billion XRP. Ripple noted that even though McCaleb retained ownership of the 5.3 billion XRP, Ripple will control its release.

Fast-forward to today, McCaleb has sold most of his digital asset holding and was left with 46.7 XRP worth ~$17 at press time. The final transaction made by the co-founder was 1.1 million XRP [~$394,742] at around 6.30 am UTC on 17th July. The transaction details can be seen below:

Source: XRPscan

As the volume of the digital asset dumped wasn’t high enough, only a minor price dip was spotted on the TradingView chart of XRP/USDT on Binance. At the time, the value of the sixth-largest crypto per market cap fluctuated hardly by 2% but received a boost almost immediately from the traders eager to buy XRP at $0.3474.

Shortly after the sale of 1.1 million in the digital asset, the account moved out of the XRP ledger as it was listed as an “Account Delete,” per reports. McCaleb’s dumping was nearly 18.6% of the total circulating supply. The users were delighted that McCaleb’s stash had reached the bottom of the billfold.

Another user was relieved that Jed could no longer manipulate the digital asset price.

As the users rejoiced in XRP’s freedom from McCaleb, the digital asset has since surged by 4.39% and is currently trading at $0.3644.

Source: XRP/USDT on TradingView

However, bullishness had already turned to the XRP markets. The analytics team behind Santiment noted that on 15th July, there was a rapid surge in trading volume, indicating an upcoming event in the market.

Santiment’s analysis was right on the buck, as XRP price surged 11.59% over the weekend.