According to XRPscan data, less than 14 million XRP is left in the wallet of Ripple Labs co-founder and former CTO Jed McCaleb. Jed McCaleb is a name that came to the fore when he sold XRPs that were opened gradually. Its sales are causing panic among altcoin investors.
Jed McCaleb has sold 40 million XRP since last week
In the past seven days alone, McCaleb has sold about 40 million of the remaining XRP. At this pace, the crypto community expects the impact of the sell-off to surface in the coming days. McCaleb left Ripple Labs, then known as OpenCoin, in 2013. The reason for his separation is that the company has different views from other co-founders. McCaleb received nine billion XRP as compensation for this breakup. He was contractually prohibited from selling large stocks of XRP at once so that the price would not dump. As a result, they set a timeline for him to sell XRP in small quantities.
Altcoin investors don’t feel warm towards McCaleb
Investors also accuse McCaleb of lowering the price of XRP. XRP is currently where it has fallen since the crypto market capitulation in mid-June. It is trading in the range of about $0.3 to $0.345. The $0.345 zone is an important resistance level that XRP tried and even managed to break once in the beginning of the last week of June. However, XRP failed to surpass the next major price level at $0.384. As a result, it had to trade in the lower range.
In an attempt to identify patterns in the XRP price’s movement, we can see McCaleb actively selling 22.1 million XRP from June 24-27. It also sold 14.2 million XRP at $0.345 at the upper limits of the region. However, it is assumed that the XRP community’s claims against the former Ripple Labs official have emerged out of nowhere. One of the developments that drove the XRP price to these levels was the historic SEC lawsuit…
Latest developments from the SEC-Ripple lawsuit
cryptocoin.com As we have reported, the legal battle between SEC and Ripple continues after the latest developments. Last week, the SEC filed for a multi-purpose move to exclude (or limit) expert testimony. The Ripple team accepted the request and also filed a counterclaim.
Meanwhile, on July 10, Ripple’s lawyers filed a lawsuit seeking an expedited briefing on the SEC’s “extreme position.” The court document says this was the SEC’s attempt to hide the experts’ identity and criticism of the reports from the public. As this legal battle drags on, the SEC is gearing up for a crucial meeting towards the end of the month. Ron Hammond, Director of State Relations at the Blockchain Association, tweeted about the meeting recently. You can follow the explanations in the tweet below.
This week in Congress and crypto: Congress approaches a tough 3 week summer stretch to address a lot of pressing issues. While crypto is by no means top of mind for Members right now, it will still be a busy month. Hearings, bills, and what else to expect this month from Congress
— Ron Hammond (@RonwHammond) July 11, 2022
