Analyst of the million-subscribed Coin Bureau Youtube channel comments on 2 news that are closely related to XRP investors. These news have been the catalysts to power XRP as the altcoin market plummets.
Jed McCaleb finished all his XRPs, altcoin investors breathed
Coin Bureau analyst “Guy” says the latest news about XRP is pretty important for the long run. In a new video, the analyst shares that former Ripple executive Jed McCaleb has finally run out of all his XRPs:
A few other news items also caught my eye, one of which was related to XRP investors. It looks like Jed McCaleb has finally finished selling all his XRP.
For those who don’t know, Jed McCaleb is one of the first founders of Ripple. He left the project a few years ago to launch Stellar, a platform that openly rivals Ripple. On that date, he received 9 billion XRP as compensation from the company. It can only sell the locks of XRPs at a certain interval so that the altcoin does not immediately drop its price. Later, McCaleb marketed more than 18.5% of the total supply of XRP in the process. Guy highlights the importance of this news for XRP:
He made some sort of deal with Ripple not to drop them all at one point, but it’s basically been selling for the past few years and it seems he’s finally finished doing it. Neither XRP has risen with the rest of the market because we are still in a bear market, like it or not, but this is definitely good news for XRP in the long run.
Latest developments from the SEC and Ripple case
Guy said Ripple gained the upper hand in its legal battle with the SEC after federal judge Sarah Netburn denied the regulator’s request for attorney-client privilege to withhold Hinman documents that could answer positive questions for the San Francisco-based firm. In part of the broadcast, the analyst says that this is definitely a positive development in the long run:
Also, of course, coupled with the good news XRP received last week when it won a major victory over the SEC. This lawsuit is still pending, it won’t be resolved anytime soon, but that’s two really good news for Ripple and XRP investors alike.
The lawsuit between Ripple and the SEC dates back to 2020. The SEC claims that Ripple has illegitimately raised over $1.3 billion. The institution also blames Ripple’s co-founder Christian Larsen and current CEO Bradley Garlinghouse, stating that they have made significant gains in the process.
As quoted by cryptokoin.com, the SEC recently submitted a motion for a 30-page summary and a 10-page response to appeal Judge Torres’ decision on draft speeches. Meanwhile, Ripple has opposed both of these requests, as stated in court documents. As a result, the decision on Hinman’s speech puts the SEC in a corner.
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