Chris Larsen Moves $26M in XRP Amid Price Surge
Ripple Co-Founder Chris Larsen Moves $26 Million in XRP
Ripple co-founder Chris Larsen has recently transferred $26 million worth of XRP to Coinbase, raising eyebrows in the crypto community. This move comes as XRP experiences a significant price surge, leading to speculation about Larsen's intentions.
Key Takeaways:
- Chris Larsen moved $26 million in XRP to Coinbase, potentially signaling a selling spree.
- Larsen has reportedly sold over 106 million XRP this year but still holds a substantial stake valued at $1 billion.
- XRP recently hit $3.6, driven by renewed market interest and regulatory developments.
The transfer was made earlier this week amidst a market rally that saw XRP jump more than 32% in just days, reaching $3.6. While Larsen has not publicly confirmed a sale, such transfers are often seen as a precursor to selling activity.
Larsen's XRP Disposals
On-chain data indicates that Larsen has been gradually reducing his XRP holdings. Since January, his wallet has been actively moving significant amounts of XRP, starting with an initial transfer of 40 million tokens valued at $116 million.
The pattern involves sending XRP to Coinbase or other wallets, presumably for sale. As of mid-July, over 106 million XRP have been moved from Larsen's wallet to various destinations.
Despite these transactions, Larsen remains a major XRP holder, with his primary wallet still containing over 332 million tokens, valued at over $1 billion. This represents approximately 4.39% of XRP's circulating supply.
XRP's Market Performance
XRP's recent price surge is attributed to increased market interest following regulatory developments. The crypto market has generally responded positively to the GENIUS Act in the U.S., which provides greater regulatory clarity for digital assets.
While Bitcoin and Ethereum have also seen gains, XRP has outperformed both in the short term. On July 14, XRP reached $3.25, its highest in over seven months, and currently trades around $3.6, making it a top-performing asset.
Interestingly, Larsen’s selling activity has not yet triggered a significant price correction, demonstrating strong market resilience.
Ripple's Strategic Moves
Ripple has been actively expanding its presence in the financial space. Recently, Ripple and Circle jointly applied for U.S. National Trust Bank charters, which would bring them under federal banking oversight if approved.
Additionally, Chinese firm Webus International announced plans to build a $300 million XRP treasury, according to filings with U.S. regulators. Ripple also dropped its appeal in a legal battle with the SEC, potentially paving the way for an XRP ETF.
As XRP approaches new highs and Ripple continues to expand its financial footprint, the market remains keenly observant.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial advice. Consult with a qualified professional before making investment decisions.