Ripple founder Jed McCaleb has finally spoken out regarding the ongoing controversy surrounding his extensive XRP sales. Responding to criticism from the crypto community, McCaleb emphasized that his actions were independent and not intended to harm investors or manipulate the market. His recent statements come amid renewed attention on XRP following the SEC’s decision to drop its lawsuit against Ripple Labs.
McCaleb’s Response to XRP Controversy
McCaleb, who co-founded Ripple and later Stellar, has faced scrutiny for his large XRP sales over the years. In response, he stressed that transparency was always his priority.
“The intent was to let people front-run me. The alternative was to sell without telling people. Is that better?” McCaleb stated, defending his decision to publicly disclose his sales.
His comments suggest that he aimed to give market participants fair notice rather than executing secretive sell-offs that could have caused more uncertainty. However, the debate over the impact of his actions continues among XRP investors.
Ripple Founder’s Massive Sales Led to XRP Controversy
McCaleb’s involvement with XRP dates back to 2012 when he received 9 billion tokens as part of Ripple Labs’ founding agreement. However, he left the company in 2013 due to differences over its future direction. After his departure, McCaleb began selling his XRP holdings under a structured agreement with Ripple.
Initially, he was restricted to selling only $10,000 worth of XRP per week, but after legal disputes with Ripple, the terms were renegotiated, allowing him to sell larger amounts. Over the years, McCaleb offloaded $3.2 billion worth of XRP, finally liquidating his holdings by 2022.
Importantly, McCaleb pointed out that he never actively promoted XRP, a factor that likely helped him avoid direct legal scrutiny in the SEC’s case against Ripple. With his latest comments, he seeks to clarify misconceptions about his sales and reassure the XRP community.
McCaleb’s New Focus: A $1 Billion Space Venture
While McCaleb has exited the XRP scene, he has shifted his focus toward ambitious new ventures. His latest project involves investing in the development of a $1 billion commercial space station through his company, Vast.
Vast’s goal is to revolutionize space habitation and create long-term human settlements beyond Earth. The announcement of McCaleb’s involvement has taken both the tech and crypto communities by surprise, solidifying his reputation as an innovator beyond the blockchain world.
Meanwhile, XRP remains in the spotlight following its legal victory against the SEC. With regulatory uncertainty easing, investors are closely monitoring the token’s performance.
XRP Price Analysis: Market Performance & Trends
XRP has experienced significant price movements following the SEC’s lawsuit dismissal. Currently, the token hovers around the $2.40 mark, struggling to break through key resistance levels.
Recent Market Activity
- Opening Price: $2.42
- Resistance Level: $2.46
- Support Level: $2.38
- Current Price: $2.41
XRP initially surged towards $2.50 but encountered strong resistance at $2.46. A bearish signal, known as a death cross, appeared on the MACD at 2:10 UTC, triggering a steep decline that pushed XRP down to $2.38. Despite attempts to recover, bullish momentum has remained weak, leading to continued price fluctuations.
Later in the day, a bullish triangle pattern emerged, helping XRP regain some ground. However, the token is still facing resistance at $2.41, and market sentiment remains uncertain.
Jed McCaleb’s recent statements have reignited discussions about his role in XRP’s history. While his large-scale sales were controversial, his transparency in the process remains a key point of debate. Now, with McCaleb focusing on space exploration through Vast, his chapter in the crypto world appears to be closing.
Meanwhile, XRP continues to navigate volatile market conditions. Investors are watching closely to see if the token can break past resistance levels and sustain an upward trend following its recent legal victory.
As the crypto landscape evolves, both McCaleb’s space venture and XRP’s market performance will remain key areas of interest for investors and industry watchers alike.
