Ripple co-founder has been dumping his XRP holdings for a while. Because of such dump, the price of the coin was severely impacted. Recently, it is identified that Jed McCaleb’s XRP wallet is nearly empty, as he has already exhausted more than 9 billion tokens. According to data, it is observed that the wallet is now holding only $17 worth of the digital assets amid the consistent outflows. However, as all the funds were already released from the wallet, Brad Garlinghouse has confirmed that the XRP dumping spree has ended.
No more Ripple (XRP) dumping
“Tacostand”, the wallet of Ripple co-founder, has remained notorious for a while. However, As per Ripple’s latest confirmation it is claimed that the wallet is now empty, and Jed has seemingly transferred his entire stash of the coins. Amid, transferring the entire funds, only $17 worth of the coins are yet pending with McCaleb. As the wallet address is now empty, there won’t be anymore XRP dump.
Notably, when McCaleb left the firm 9 billion tokens, Ripple allowed him to sell or transfer the funds under specific withdrawal conditions. Ignoring the conditions, McCaleb dumped the entire funds over the years.
However, the end of the XRP dump spree is a watershed moment for the community. This marks a closure and an affirmation of less selling pressure.
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Was McCaleb intentionally dumping XRP?
Amid exiting Ripple, McCaleb has been keen to get rid of the XRP coins. However, following the agreement, with the firm, McCaleb focused his XRP portfolio liquidation efforts on emptying the wallet completely. He did so on the daily trading column and the timeline on which the agreement was created.
Soon XRP price would boom
Analysts in the cryptosphere have evaluated that the XRP price trend shows some potential bullish momentum. Analysts have observed that the price trend of the coin has stuck below a declining line, and is likely to change. The structure of the price is something similar to the EBS, Amid producing lows, Ripple is ready to break out price targets and levels.
Source: https://www.thecoinrepublic.com/2022/07/21/ripple-official-confirms-its-co-founders-dumping-spree/