One of the oldest and most illustrious initiatives in the nascent cryptocurrency sector is The Ripple Network (XRP-USD). Even if the project disappeared off the face of the planet, the market would undoubtedly benefit from it for years to come. The outcome of its legal dispute with the Securities & Exchange Commission (SEC) will establish a significant precedent for how cryptocurrency is handled on a regulatory level. In the history of the market, the network is a monolithic element overall. A significant chapter for the XRP cryptocurrency is closed when one of the network’s co-founders leaves the endeavor.
In 2012, Jed McCaleb and Chris Larsen established the Ripple Network. Since its founding, Ripple has grown to be one of the most powerful players in the blockchain industry. It was created with the intention of transferring money anywhere in the world. By using Ripple, one may bypass the wait periods, costs, and other bureaucracy involved with sending money overseas. The banking industry is threatened by the technology to the point that Ripple Labs is the sole blockchain project among the participants in the ISO 20022 committee.
The XRP cryptocurrency has been effective both as a coin and in banking, where it has had a significant impact. With the network’s introduction in 2013, XRP has grown to have a market value of more than $17 billion. The cryptocurrency is now the sixth-largest in the world. Even though the SEC lawsuit involving the cryptocurrency is now over two years old, it has managed to do this.
The founder of Ripple Network completes an eight-year selloff
McCaleb has been slowly leaving the Ripple Network, even though it has been heating up and the value of the XRP cryptocurrency has increased. In reality, he has been leaving the initiative ever since it began, having sold his XRP holdings in July 2013.
After contributing to the creation of one of the first proof-of-stake networks ever, McCaleb turned his attention elsewhere. Before developing the rival Stellar (XLM-USD) network in 2014, he left the project in 2013. He is now Stellar’s Chief Architect.
In his wallet, McCaleb has been selling XRP for the last eight years. The size of McCaleb’s assets, which included 9 billion bitcoin in his wallet as a network creator, is the reason why the procedure is taking so long. It is obvious that the project would be destroyed even today if all of these properties were sold off. If this had been done in 2013, Ripple probably wouldn’t exist today, at least not in the form it does now.
McCaleb has completed his last XRP sell today, ending the eight-year-long dump. With that, McCaleb opened up the public market to 18.6% of the entire supply of XRP. McCaleb is erasing the wallet address fully as a last step to end the interaction between the two parties. Investors think prices may trend upward now that the continuous inflow of fresh XRP entering the market has come to a standstill. The announcement has caused the XRP cryptocurrency to rise 4%.