The Ripple community lets out a sigh of relief as Jed McCaleb finally sells off all his XRP holdings after eight years.
In a tweet on Monday, Ripple chief Brad Garlinghouse confirmed the conclusion of Jed McCaleb’s XRP sell-off with a witty Tacos joke.
“Tacos anyone? JK the stand is closed,” Garlinghouse tweeted, responding to the announcement even as Ripple published a blog post titled “The Stand is Finally Out of Tacos.”
Tacos anyone? JK the stand is closed 😄 https://t.co/rshrX6hGOQ
— Brad Garlinghouse (@bgarlinghouse) July 18, 2022
It is worth noting that on Monday, The Crypto Basic reported that only 46.7 XRP remained in the famous TacoStand wallet. Notably, Jed McCaleb had no issues dispatching 5.32 million XRP in a couple of days after speculations that the former Ripple executive had planned to pause his asset sell-off.
McCaleb, one of the founders of Ripple, a blockchain payments giant, had served as the firm’s Chief Technology Officer for a couple of months in 2013. Notably, as a founder, he received a cache of 9 billion XRP, which he committed to selling following his exit from the company. It is worth noting that McCaleb made over $3 billion from the sale in the last eight years.
Notably, McCaleb’s position has contributed greatly to the selling pressure on the asset. It has been a major cause for concern, especially as the token’s price has already taken a major hit following the SEC suit in December 2020.
Following the announcement, several users have expressed excitement and new bullish sentiment for the token price.
Meanwhile, the complete sale of McCaleb’s XRP holdings is the latest in a line of positive news for the XRP network. Last week, The Crypto Basic reported that Ripple scored a major win in its legal battle with the SEC, fueling positive sentiment for the network.
At the time of writing, XRP is trading at the $0.3588 price point, 1.48% down in the last 24 hours but up 13.47% in the last seven days.