The Ripple wallet that has been transferring funds to Jed McCaleb is now empty
The “tacostand” wallet of former Ripple CTO Jed McCaleb will no longer get funded by the San Francisco-based company, according to researcher Leonidas Hadjiloizou.
The Ripple wallet that funds Tacostand is now officially EMPTY. A year ago this wallet held more than 4 billion XRP.
Tacostand balance: 709,911 million XRP pic.twitter.com/X06WER5Ufj— Leonidas (@LeoHadjiloizou) September 1, 2021
The Ripple wallet that was sending transfers to the renegade co-founder had 4 billion XRP last year.
After a falling-out with other Ripple bosses, McCaleb went on to create the Stellar Development Foundation, which supports the growth of the Stellar network.
The programmer, who also founded the now-defunct exchange Mt. Gox, was awarded 9 billion XRP for his role in starting the company.
In order to prevent McCaleb from ultimately crashing the market by liquidating everything at once, Ripple reached an agreement with its former executive to impose caps on sales. The deal helped to ensure predictability, but XRP has been plagued by subdued selling pressure for years.
Presently, the amount of XRP that McCaleb can liquidate cannot exceed 1.5 percent of XRP’s average daily volume.
Is he done?
The XRP community will have to wait a tad longer for McCaleb to stop exerting selling pressure on the price of the sixth largest cryptocurrency.
The balance of McCaleb’s wallet is currently standing at 709,911 million XRPs that are worth about $880 million at press time.
XRP is currently trading at $1.25, up 4.28 percent over the past 24 hours, according to CoinMarketCap data.
XRP is UK’s most popular crypto as analyst expect massive gains
- In a recent report by the eToro trading platform, XRP emerged as the most popular cryptocurrency in Q3 2021.
- Ripple has partnered with Digital Pound Foundation to support the creation of the UK’s central bank digital currency, the “Digital Pound Sterling.”
- Analysts are bullish on XRP price, predicting a big move in altcoin within the next two days.
In the third quarter of this year, XRP became the number one cryptocurrency in the UK, according to social trading platform eToro. XRP holders are bullish on the proceedings in the SEC v. Ripple case.
Analysts predict a big move in XRP, bullish on the new partnerships
eToro, the social trading platform, recently revealed that XRP is UK’s most popular cryptocurrency, followed by Cardano (ADA). Crypto traders in the UK have put more funds in XRP than any other crypto in Q3 2021.
The year-on-year increase in XRP price is over 100%; despite higher gains in Bitcoin and Ethereum, traders held on to XRP for its volatility and risk-adjusted returns.
Interestingly, XRP has witnessed a spike in retail and institutional adoption over the past few months. Ripple collaborated with the Digital Pound Foundation and prepared to work in line with the firm’s objectives to work with global banks and resolve issues related to CBDC development.
XRP is engaging with centralized institutions for the development of CBDCs. After announcing its partnership with Bhutan’s Monetary Authority, Ripple works with the UK’s central bank for the “Digital Pound Sterling.”
Ripple has positioned itself to be a bridge in CBDC development. Nearly 80% of central banks are currently exploring CBDC development, and the Ripple network’s engagement with centralized institutions is expected to boost XRP’s utility.
The world’s sixth-largest cryptocurrency started at $0.22 in 2021 and hit a high of $1.9 in April before further correction.
Cryptocurrency analyst @Koolaid_crypto has predicted a big move in XRP price over the next two days.
$XRPBTC showing a possible big move for $XRP in about 2 days time if this fractal holds up. #XRP #XRPcommunity #XRPusdt #XRP pic.twitter.com/ZRI7y2lt7s— Crypto Koolaid (@Koolaid_crypto) October 15, 2021
FXStreet analysts have evaluated the XRP price trend and predicted that the altcoin would skyrocket to $2 with a rise in trade volume.
XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal
The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.
Ripple Opposes SEC extension appeal to save XRP from an isolated bear run
While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.
The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.
SEC supports extension appeal with pending motions
The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.
“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.
SEC v. Ripple Labs: Agency opposes motion to seal documents citing ‘influence’
The SEC v. Ripple Labs lawsuit is in the news today after yet another crucial development. According to the latest updates from the court, the regulators have responded in opposition to Ripple’s motion to seal transcripts of audio and video recordings from internal meetings.
As per the filing shared by @CryptoLawUS, the SEC claimed that the documents “have the tendency to influence the Court’s ruling on the discovery dispute before it.” The tables turned for Ripple when SEC added that “no countervailing business or privacy interests outweigh their disclosure to the public.”
On 30 August, the SEC had filed a motion to compel the production of some audio and video-taped recordings after Ripple failed to disclose them during discovery. Ripple agreed to produce these recordings, along with “all recorded meeting by the custodians of such meeting, meeting name, and other criteria” for responsive documents.
The SEC later filed another motion to compel Ripple on 1 October to conduct a “reasonable search.” Here, the intent was to find more responses through recordings of meetings at which the agreed-upon custodians spoke.
The SEC has been trying to make the documents public since it found statements made by Ripple CEO Garlinghouse and other key Ripple employees. The filing added,
“These transcripts contain statements by Garlinghouse and other key Ripple employees that bear directly on whether Ripple’s offers and sales of XRP are “investment contracts” and therefore securities under SEC v. W.J. Howey Co., 328 U.S. 293, 298-99 (1946), and whether Garlinghouse and Larsen had the requisite scienter for purposes of the SEC’s aiding-and-abetting claims.”
Although the concerning statements from the transcripts have been redacted, according to the SEC, Ripple is also seeking to seal excerpts of Garlinghouse’s deposition testimony. The same apparently pertains to the frequency of “all-hands” meetings, along with a certain email from the CEO.
The SEC also argued that the transcripts of the recordings are Judicial Materials. Ones that should be disclosed to the public. Curiously, attorney Jeremy Hogan believes that the recording may be the backbone of the SEC’s case.
Nevertheless, only the Court’s decision will reveal the importance of the recordings for the people, Ripple, and the SEC.