The Tale of a Taco Stand and XRP
As Jed McCaleb nears the finale of his eight-year-long XRP selling saga, crypto enthusiasts can hardly contain their excitement. The famous wallet, humorously dubbed “tacostand”, is down to a mere 81.53 million XRP, worth approximately $26.55 million. What a feast it has been!
Fast and Furious Transfers
Recently, McCaleb’s wallet has become a hive of activity, shedding an average of 4.06 million XRP per day but recently picking up speed with daily transfers hitting 7.34 million XRP. At this thrilling pace, we’re looking at a complete sell-out in about two to three weeks. Call it a crypto countdown!
Social Media Buzz
In this digital age, news travels faster than the speed of light. TikTok influencer Mason Versluis alerted his 115,000 followers to the XRP frenzy, noting that a whopping 22 million XRP was unleashed in just three days. And let’s not forget the parody account which humorously chimed in with a photo in front of “The Taco Stand”, cleverly declaring, “Almost there.” Are we sure this isn’t a promotional campaign for a taco truck?
The Ripple Executive’s Departure
Let’s take a stroll down memory lane. McCaleb co-founded Ripple back in 2012 when it was still OpenCoin. After a reportedly rocky exit in 2014, he took his 9% stake in XRP with him, a staggering 20 billion tokens. What a parting gift! Not one to sit idle, he launched Stellar soon after, making sure he stayed relevant in the blockchain space.
The Lock-Up Merger
To prevent a market crash while McCaleb exorcised his XRP holdings, Ripple Labs cleverly orchestrated a lock-up agreement. Who knew financial agreement could be as riveting as a heist movie? For the first year, he could only sell up to $10,000 worth of XRP weekly. This slowly transformed into a lip-smacking deal where he could sell up to 2 billion XRP annually from 2020 onward. And sell he did, shedding a notable 627.6 million XRP in 2022 alone!
The Market’s Reaction
But how has the market reacted to this XRP rollercoaster? The token’s price saw an uplift of nearly 30% on June 24 after dipping to a mere $0.28—its lowest since January 2021. Cointelegraph analysis hints that this rally might just push XRP further north, maybe even hitting $0.41 next! Must be the taco magic at play!
