Ripple is the catchall name for the cryptocurrency platform, the transactional protocol for which is actually XRP, in the same fashion as Ethereum is the name for the platform that facilitates trades in Ether. Like other cryptocurrencies, Ripple is built atop the idea of a distributed ledger network which requires various parties to participate in validating transactions, rather than any singular centralized authority. That facilitates transactions all over the world, and transfer fees are far cheaper than the likes of bitcoin. Unlike other cryptocurrencies, XRP transfers are effectively immediate, requiring no typical confirmation time.
La billetera “ tacostand” McCaleb’s XRP sold just over 1 million XRP on Sunday. There is only about $17 left.
- McCaleb concluded the sale of his XRP fortune.
- He had been selling his XRP after leaving Ripple in 2014.
- Only $17 of XRP left in the wallet a place where cryptocurrency users can store, send and receive digital assets. ” tacostand” .
After several years of trying to get rid of their tokens XRP, the co-founder ofRippleJed McCaleb has finally finished emptying his wallet.
As shown by the chain data the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. called “Tacostand” owned by McCaleb, sold out nearly all of its XRP holdings after making a transaction for 1.1 million XRP, valued at about USD $395,000, on Sunday afternoon. The scout’s data XRP Scan indicate that the wallet withdrew the tokens and las 6:31 a. m. UTC.
The move marks the end of a scheduled multi-million dollar liquidation liquidation refers to the conversion of an asset or cryptocurrency for fiat or its equivalents. process in XRP. McCaleb, who previously served as CTO atRipple, comenzó a vender su alijo de la criptomoneda nativa de Ripple in 2014 after abandoning the project to co-found Stellar .
At the time it was well known that the co-founder had about 9 billion in tokens XRP, which in 2018 came to be valued at over USD $30 billion. In fact, the fortune in XRP reached Forbes to name McCaleb as one of 50 richest people in the world on its 2018 billionaires list, coinciding the record price of that asset.
McCaleb depleted his XRP fortune
However, the co-founder had been unable to move his entire stash. After abandoningRipple In 2014, McCaleb reached an agreement with the co-founders not to sell all of his coins in one move. Instead, a monthly limit for withdrawals was agreed upon in order to generate reactions in the XRP market.
Like remember CryptoPotato that limit was initially USD $10,000 per week. It was then increased to the equivalent of $20,000 in XRP per week until 2017. The agreement was further modified imposing an annual cap of 1 billion XRP during 2018-19, followed by 2 billion in subsequent years.
McCaleb had already anticipated last month that it was nearing completion of the sale of its tokens XRP after making several large transfers. “ Allí cases “he wrote in a tweet el 29 de junio junto con un emoji de taco y una foto de un restaurante llamado “Taco Stand“; a direct reference to his wallet.
Almost there ???? pic.twitter.com/SdstUD4Kzc
— Jed McCaleb (@JedMccaleb12) June 29, 2022
At the time, the co-founder’s management had about 81 million XRP remaining, or about USD $26 million for then-exchanges, according to reported News.Bitcoin . Earlier that day he had withdrawn about $2.69 million in XRP.
Now, after 8 years, McCaleb has disposed of his fortune on the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. native ofRipple. His famous wallet “Tacostand” stores only about USD $17 in XRP by the time of editing, according to the data chain. Some estimates collected by U.Today suggest that the co-founder had earned about USD $3 billion and 708 bitcoins with the full sale of its position.
Ripple Community Celebrates Milestone
The community ofRipple seemed to take the news with enthusiasm, as several came out to celebrate in Twitter . As destaca Cointelegraph At one point McCaleb’s fortune accounted for more than 18% of XRP’s total circulating supply, making the former CTO of the project a potentially influential whale a term used to describe investors who have uncommonly large amounts of crypto, especially those with enough funds to manipulate the market. in the ecosystem.
“ The moment we’ve all been waiting for is finally here. @JedMcCaleb has finally emptied his taco stand. His XRP dump a sudden sell-off of digital assets. is over after many years. it’s time to party!!!! “, wrote one user.
The moment we have all waited for is finally upon us. @JedMcCaleb has finally emptied his taco stand. His dumping a collective market sell-off that occurs when large quantities of a particular cryptocurrency are sold in a short period of time. of $XRP is now over after many years. Party time!!! ???????????? https://t.co/lS9kfCf98A
— Rob XRP ☀️ (@robxrp1) July 18, 2022
According to reports, the final sale came shortly after the publication of a satirical article byThe Crypto Town Crier who had suggested that McCaleb had decided to hold on to his last XRP tokens “ just in case “.
The end of the chapter for McCaleb andRipple also comes amid the ongoing lawsuit between that company and the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC). The firm Ripple Labs and several of its executives have nearly two years of legal battles with U.S. regulators, who accuse it of illegally selling unregistered securities.
The latest news seemed to favor the price of XRP, which posted a gain of more than 3% on Monday. As of press time, XRP is trading at USD $0.35, according to data from CryptoMarkets .
- Ripple co-founder Jed McCaleb continues to sell his XRP: $22 million and growing
- Ripple to stop trading in U.S. if SEC wins lawsuit in court, says CEO Brad Garlinhouse
- Ripple is ready for the crypto winter and will continue to hire employees, Brad Garlinghouse says
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Depositphotos