Ripple officially confirms end of Jed McCaleb’s XRP dumping spree
- Jed McCaleb’s wallet, identified as ‘Tacostand,’ is nearly empty as the Ripple co-founder exhausts his 9 billion XRP tokens.
- Brad Garlinghouse officially confirmed the end of Jed McCaleb’s XRP dumping spree.
- Analysts believe that XRP price trend reveals bullish potential, and the altcoin could rally soon.
Ripple co-founder Jed McCaleb is close to emptying his XRP wallet identified by investors as “Tacostand.” McCaleb’s address holds XRP worth $17 after consistent outflows. Ripple’s CEO officially confirmed the end of McCaleb’s dumping spree after the co-founder exhausted 9 billion XRP tokens.
Also read: SEC v. Ripple: Ruling slams regulator for hypocrisy - is disbarment next?
McCaleb’s XRP dumping ends, official confirmation from Ripple
Jed McCaleb’s notorious “Tacostand” wallet is officially empty, and the co-founder has seemingly transferred his entire stash of the altcoins out of the address. The wallet holds $17 in XRP, and after it was emptied, Ripple CEO Garlinghouse officially confirmed the end of the altcoin’s dump in a tweet.
Garlinghouse asked his followers,
Tacos, anyone? JK, the stand is closed.
Tacos anyone? JK the stand is closed https://t.co/rshrX6hGOQ
— Brad Garlinghouse (@bgarlinghouse) July 18, 2022
After McCaleb left payment giant Ripple, the co-founder was offered 9 billion XRP tokens and was allowed to sell or transfer the funds under specific withdrawal conditions. Over the years, McCaleb dumped his XRP reserves across exchange wallets, and there was a consistent outflow of Ripple from his “Tacostand” wallet.
McCaleb is widely known for co-founding Ripple and the project Stellar that he created in 2014. The end of his XRP dumping spree is a watershed moment for XRPArmy as it marks closure and an affirmation of less selling pressure from McCaleb’s dumping.
Interestingly, most of McCaleb’s sales came after the US Securities & Exchange Commission (SEC) started a legal battle with payment giant Ripple, accusing the firm of allegedly illicit XRP sales.
When McCaleb exited Ripple, he wanted to get rid of his XRP “as quickly as possible.” After reaching an agreement with the payment giant, he focused his liquidation efforts on emptying his wallet based on the daily trading volume and the timeline he agreed upon.
XRP price trend reveals bullish potential
FXStreet analysts have evaluated the XRP price trend and identified bullish potential in the altcoin. Analysts note that XRP price was stuck below a declining trend line since May 13; however, this is likely to change. The structure of the XRP price trend is similar to ENS, and after producing higher lows, XRP is ready to break out. For price targets and levels to watch, check out this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
