TL;DR
- Ripple co-founder Chris Larsen has moved 50 million XRP worth about $175 million since mid-July, with blockchain investigator ZachXBT confirming most of it reached exchanges.
- The timing aligned with XRP’s local price peak near $3.60, frustrating some traders.
- Despite the backlash, industry voices say XRP still has room to revisit its all-time high if overall market trends stay favorable.
Ripple’s co-founder Chris Larsen has triggered heated debate after blockchain detective ZachXBT revealed large XRP transfers linked to him. Since July 17, Larsen’s associated wallet has shifted 50 million XRP—valued at roughly $175 million—to four different addresses. According to ZachXBT’s post, about $140 million of this ended up at exchanges or other services, often a sign of liquidation.
The post detailed exact recipient addresses, showing that one address received 30 million XRP while two new addresses took in around $35 million combined. This level of transparency has fueled speculation about Larsen’s real intent. Critics claim he deliberately cashed out near XRP’s local high above $3.60, which quickly dropped below $3.10 after the transactions. Some traders argue that this adds unnecessary sell pressure, potentially undermining trust during a sensitive market phase.
Large Transfers Highlight Supply Control
ZachXBT’s tweet also pointed out that wallets tied to Larsen still hold more than 2.8 billion XRP, worth nearly $8.4 billion. That represents close to 5% of XRP’s total market cap, raising questions about concentrated holdings in a project that often promotes decentralization. While detractors see this as evidence of insider profit-taking, some investors view these movements as part of a broader strategy to spread tokens among new long-term holders.
One X user, 0xLouisT, defended the moves, arguing that redistributing XRP can strengthen the network’s resilience and broaden its holder base. However, repeated large sales by insiders remain a sore spot for traders who remember past selloffs during price surges.
XRP Still Eyes Breakout Potential
Despite the controversy, XRP’s fundamentals have not drastically changed overnight. Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad, says the token could still reclaim its 2018 peak of $3.84 if the wider crypto market stays bullish. He emphasized that XRP’s progress mostly depends on favorable Bitcoin rotation into altcoins and broader investor sentiment, rather than isolated wallet moves.
For now, Larsen has not commented publicly on these latest transactions. Ripple has not provided an official statement either. Whether these funds were sold outright or moved for custody or OTC deals remains unclear, but market watchers will be tracking his wallets closely as XRP’s next rally builds momentum.
