XRP ($XRP.X) has made some big moves during the Monday session, reclaiming the sixth most valuable cryptocurrency by market cap. Some small victories in its defense against the SEC have certainly buoyed some renewed interest, but a more immediate fundamental reason may be behind today’s pamp.
Jed McCaleb, former Ripple CTO, co-founder of Ripple, and a Stellar ($XLM.X) founder, has dumped XRP since his departure in 2014. At one point, he held 9 billion XRP or 18% of the total supply. XRP bulls and enthusiasts are thrilled today, taking to social media that McCaleb’s dumping has ended and the wallet empty.
The moment we have all waited for is finally upon us. @JedMcCaleb has finally emptied his taco stand. His dumping of $XRP is now over after many years. Party time!!! 🎉🎉🎉 https://t.co/lS9kfCf98A
— Rob XRP ☀️ (@robxrp1) July 18, 2022
An interesting side note here is that the current CTO of Ripple Tweeted he may have made a mistake in accepting a 2% stake in the company versus roughly 500 million in XRP.
The jury is still out, but it probably turned out to be a pretty big mistake. A number that was thrown around was 500 million XRP. And, of course, XRP is nearly perfectly liquid. 1/2
— David "JoelKatz" Schwartz (@JoelKatz) July 18, 2022
All eyes are still on the SEC vs. Ripple lawsuit, and the Litepaper will keep you updated as that debacle continues. 👓