Jed McCaleb Finally Addresses His Massive XRP Sales, Emphasizing Transparency Was His Priority

Responding to criticism from the crypto community, McCaleb emphasized that his actions were independent and not intended to harm investors or manipulate the market.

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

The co-founder of both Stellar and, previously, Ripple, has faced scrutiny for his large-scale XRP sales over the years. However, in his response, he highlighted transparency as a priority throughout the process.

“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 disclose his sales publicly.

His comments suggest an attempt to give market participants a fair heads-up rather than performing stealthy sell-offs that could have had a more immediate impact but likely would have led to less attention. Nonetheless, the discussion continues among XRP investors regarding the overall footprint of his sales on the token’s price performance.

McCaleb’s Involvement with XRP

McCaleb's involvement with XRP began in 2012 when he received 9 billion tokens as part of the founding agreement for Ripple Labs. However, he left the company in 2013 due to differences in vision for the future of the project. Following his departure, McCaleb started selling his XRP holdings under a structured agreement with Ripple.

Initially, he was restricted to selling only $10,000 worth of XRP per week. However, after legal disputes with Ripple, the terms were renegotiated, allowing him to sell larger amounts.

Over the years, McCaleb gradually offloaded his XRP holdings, eventually selling a total of $3.2 billion by 2022, when his holdings were finally liquidated.

Importantly, McCaleb himself never actively promoted XRP, a factor that likely helped him avoid direct legal scrutiny in the SEC's case. With his latest comments, he aims to clear up any misconceptions about his actions and maintain a positive rapport with the XRP community.

Shifting Focus: A $1 Billion Space Venture

While McCaleb has now exited the XRP scene, he has since shifted his attention toward more ambitious endeavors. He has recently announced 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, further 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 and potential to continue surging in the coming months.

XRP Price Analysis: Market Performance & Trends

The recent developments have led to significant price movements in XRP, currently trading around the $2.40 mark as it struggles to break through key resistance levels. Here's a breakdown of the token's performance and the trends emerging in the market:

* Initial Surge Towards $2.50 and Encountering Resistance at $2.46: XRP experienced a rally that pushed it close to the $2.50 price point. However, it encountered strong resistance at $2.46, preventing it from making further gains.

* MACD Death Cross Triggers a Steep Decline: A bearish signal appeared on the MACD at 2:10 UTC as the 15-minute indicator crossed to the downside. This triggered a steep decline that pushed XRP down to $2.38.

* Attempts to Recover Despite Weak Bullish Momentum: Despite the setbacks, XRP showed signs of attempting to recover and continue its upward trajectory. However, the token faced difficulties maintaining bullish momentum, leading to ping-pong price action.

* Emerging Bullish Triangle Pattern and Resistance Levels: Later in the day, a bullish triangle pattern emerged on the 4-hour chart, suggesting a potential shift in market sentiment. The token also showed signs of bouncing back from the lower Fib level, providing support for a possible recovery. Nevertheless, XRP is still encountering resistance at $2.41, posing a challenge to its ability to sustain an uptrend.

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.