The juicy goss on Ripple and its ex co-founder
If you like soaps and reality T.V, you'll like this story.
In 2013, the co-founder of Ripple Labs (XRP), Jed McCaleb, left the cryptocurrency project and was rewarded 9 Billion XRP in compensation.
...but it wasn't a clean break up.
Not only did Jed go on to create Stellar Lumens (a direct competitor with Ripple), but over the past eight years, he's sold as much of his XRP as humanly/contractually possible.
And selling pressure = lowered prices.
To add insult to injury, ol' Jeddy's XRP fire sale continued throughout the recent court battle between the SEC and Ripple, where they were charged with selling unregistered securities.
(Let's update that math):
Selling pressure + SEC lawsuit = lowered prices, even in a bull run.
...hell hath no fury, like a co-founder scorned.
Ok, but where're we at now?
The final scores are tallied at...
McCaleb, Jed: +$3B richer, big middle finger to Ripple.
Labs, Ripple: flattened coin price, but still the 7th largest crypto, with a rumored win over the SEC on the horizon.
That last bit? It's HUGE.
Seeings as Jed is just about all out of XRP, and Ripple is still standing (with a potential win over the SEC still to come)...
We're calling this one a draw.
...for now.