The XRP community is once again on high alert as new on-chain data reveals massive token movement by Ripple co-founder Chris Larsen.
$175 Million in XRP Transferred Since July 17
According to blockchain investigator ZachXBT, wallets linked to Larsen have transferred 50 million XRP, worth approximately $175 million, since July 17. The tokens were split among four addresses. Around $140 million in XRP has been sent to centralized exchanges or related platforms, fueling speculation of retail dumping.
Two of the largest recipients received a combined 30 million XRP, while another address received 10 million. Additionally, two brand-new addresses each received 5 million XRP.
For context, the period during which Larsen’s wallets moved these XRP tokens coincided with a major price rally. Notably, on July 17, when these transactions began, XRP hit $3.5406 for the first time in seven years. By the following day, XRP touched $3.66.
Just a week earlier, the coin had traded at $2.25. The significant gains from this surge may have influenced Larsen’s decision to move XRP. Now, the token is battling renewed selling pressure.
Price Plunges as Market Reacts
Today, XRP dropped to $2.95. Just yesterday, it traded at $3.55, a substantial one-day loss of 17%. The decline made XRP one of the worst-performing large-cap cryptocurrencies during the recent market correction.
At press time, XRP is showing signs of recovery, having reclaimed the $3 level and rebounded to $3.20. Despite this impressive bounce, its 24-hour performance still shows a 3% decline — a worse figure compared to the 1.5% dips seen in BNB and Solana.
Meanwhile, Bitcoin and Ethereum are already trading in positive territory. ETH is up 2.5%, currently trading at $3,700, while BTC has gained 0.61%, hovering around $118,700.
$9 Billion in XRP Still in Larsen-Linked Wallets
Despite the significant outflows, wallets associated with Chris Larsen still hold more than 2.81 billion XRP, currently worth approximately $9 billion. This lingering supply has reignited long-standing concerns about centralized token holdings and their impact on XRP’s market dynamics.
Notably, the latest spotlight on Larsen’s XRP wallets joins a series of sales earlier this year. An analysis by The Crypto Basic earlier this week revealed that Larsen has liquidated 106 million XRP worth over $334 million, mostly through Coinbase, since January.
As XRP pushes above the $3.00 level, pro-XRP investors and commentators argue that the next rebound could finally take XRP to $4, dismissing concerns about the recent dip.