McCaleb Empties XRP Wallet After 8 Years Selling off

McCaleb-Empties-XRP-Wallet-After-8-Years-Selling-off
  • After many months of waiting, Jed McCaleb finally emptied out the XRP wallet. 
  • The wallet contains a total of 18.6% of XRP’s circulating supply 
  • The price of XRP temporarily halted its recovery ahead of the Ripple June 7 hearing.

According to blockchain researcher XRP Scan, Jed McCaleb emptied his last XRP wallet on May 19. The former Ripple CTO and co-founder had been gradually selling off his 9 billion XRP since 2014. At current prices, that would be worth over $2.6 billion.

This sell-off had been a cause of concern for the XRP community. Many worried that it would put downward pressure on prices.

McCaleb had originally agreed to a schedule with Ripple that limited the amount of XRP he could sell each week. But in recent months, he appears to have accelerated his sales.

In a recent post on Twitter, AMBCrypto, Jed McCaleb has emptied his last XRP wallet address. Jed has been gradually selling his 9 billion XRP since 2014 and this sell-off had been a cause of concern for the XRP community as it might put downward pressure on prices.

With the recent hearing on Ripple’s potential SEC violations, the price of XRP temporarily halted its recovery. The hearing is set for June 7 and the community is waiting for a decision. If Ripple is found to have violated securities laws, it could be forced to register XRP as a security. This would likely have a negative effect on the price of XRP.

Jed McCaleb is the co-founder of Stellar Lumens (XLM) and the founder of Mt. Gox. He is also a founding partner at Ripple. In 2014, he left Ripple. XRP has recovered ahead of the June hearing and is currently trading at $0.47.

The current CoinmarketCap of the XRP today is at $1,633,102,864.72 and the current market rank is at  6. The circulating supply is at 48,343,101,197 XRP with a max supply of

The price of XRP temporarily halted its recovery ahead of the Ripple June 7 hearing. According to blockchain researchers.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer