Chris Larsen, a co-founder of Ripple, has drawn attention after a wallet connected to him moved 50 million XRP
$3.15
, worth around $175 million, between July 17 and July 24.
The transactions happened just as XRP reached a recent high, which led to concerns from the crypto community about a possible sell-off.
ZachXBT, a blockchain investigator, stated in a post on X that about $140 million of the transferred XRP was sent to exchanges or related platforms. This often suggests an intent to sell, though no direct confirmation has been made.
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Many users online saw the transfer as a sign that Larsen might be selling at the top. ZachXBT replied in a follow-up post, “Game is game”.
ZachXBT also pointed out that wallets linked to Larsen still hold more than 2.81 billion XRP, valued at about $8.4 billion. With XRP’s current market cap at $183 billion, his holdings make up nearly 5% of the total value.
Some users expressed frustration over what they see as a pattern. They argued that high-ranking crypto projects often see big holders selling during strong market moves while still keeping their spot on the top tokens list.
One X user asked how Ripple remains a leading project despite what they called repeated “insider dumping”.
Recently, BitMEX reported that the majority of those who bought PUMP during its presale have already sold or transferred their tokens. What happened? Read the full story.
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