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With no more escrow payments to be released to Jed McCaled, it’s only a matter of time before the former Ripple exec dumps his entire XRP holdings onto the market.
September 7, 2021 at 11:00 pm UTC · 2 min read
The original Ripple address used to fund former Ripple exec’s ‘Tacostand’ wallet has zero XRP remaining. The entirety of Jed McCaleb‘s allocation of XRP has now been paid out, which means that it’s only a matter of days before the founder of Stellar sells the remaining XRP from his ‘TacoStand’ wallet, which he has been doing every day since May this year.
Only 700 million XRP left to be sold from Jed McCaled’s Ripple-dumping wallet
McCaleb, the co-founder and CTO of Stellar, co-founded Ripple in 2011 and left the company in 2014 over internal disagreements. Immediately after his departure, McCaleb tried to dump all of the XRP he received as part of Ripple’s founding team but was promptly stopped by the rest of the company’s management.
According to David Schwartz, Ripple’s current CTO, the company initiated a series of lawsuits that prevented McCaleb from dumping his holdings all at once. Instead, he would receive his tokens in escrow payments throughout several years, a move that Ripple believed would preserve XRP’s market value.
And while McCaleb’s XRP dumping has been rather controversial, it wasn’t until the escrow account that funds his XRP wallet went dry that the market really began reacting.
According to crypto researcher Leo Hadjiloizou, the Ripple address used to fund McCaleb’s ‘Tacostand’ wallet has been emptied out. Last year, the address reportedly held over 4 billion XRP and has since transferred all of the funds to McCaleb. The final 174 million XRP was transferred to the wallet on September 1st.
The Ripple wallet that funds Tacostand is now officially EMPTY. A year ago this wallet held more than 4 billion XRP.
Tacostand balance: 709,911 million XRP pic.twitter.com/X06WER5Ufj
— Leonidas (@LeoHadjiloizou) September 1, 2021
Data from XRPScan has shown that McCaleb’s ‘Tacostand’ wallet currently has just over 709 million XRP. If he was to continue selling at his current rate, he would empty out his account in just under 90 days.
Many believe that once McCaleb sells the remainder of his XRP, the token wouldn’t see so much selling pressure and will jump in value. The Ripple community has reacted positively to the news, celebrating the fact that XRP will most likely see a significant reduction in sell pressure in the next couple of months.
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Author: Andjela Radmilac