Former Ripple Labs founder Jed McCaleb has dumped his XRP holdings.
McCaleb left only 46.7 XRP in his famed “~tacostand” wallet.
The former Ripple founder executed his last outgoing XRP transfer of 1.1 million XRP (worth $394,742.18) on July 17.
The account now lists an “ACCOUNT DELETE” transaction. This means that the account will no longer exist on XRP’s ledger.
McCaleb had left Ripple Labs to co-found rival payment protocol Stellar in 2014.
The price of XRP is currently sitting at 0.3564, up 0.82% over the last 24 hours.
XRP is down almost 90% from its January 2018 all-time high of $3.40.
Ripple Labs has been locked in a lawsuit filed by the Securities and Exchange Commission (SEC) since late 2020.
The SEC allege that Ripple and its executives had offered XRP as unlicensed security to investors.
Last week, the SEC suffered a blow in its case against Ripple after a U.S. judge ruled that the SEC must produce internal documents relating to the “Hinman speech,” which could be a pivotal piece of evidence in support of Ripple’s defense.