TLDR
- Chris Larsen, Ripple co-founder, moved $26 million worth of XRP to Coinbase today, continuing his sales spree.
- This transaction brings the total XRP moved by Larsen this year to over 106 million tokens, valued at $334 million.
- XRP’s price surged to a seven-month high, reaching $3.23 with a 7% increase in the last 24 hours.
- Despite selling large amounts, Larsen still holds 332.5 million XRP, valued at over $1 billion.
- Larsen’s ongoing sales have raised concerns within the XRP community, as his holdings account for 4.39% of XRP’s circulating supply.
Chris Larsen, co-founder and chairman of Ripple, has continued his ongoing XRP sale spree. On-chain data reveals that Larsen moved $26 million worth of XRP today. This follows his earlier transactions this year, in which he sold millions of dollars in cryptocurrency.
The latest transfer comes as XRP surged to a seven-month high, currently trading at $3.23. With a 7% rise in the last 24 hours, XRP has outperformed all other top 10 cryptocurrencies in terms of daily gains.
Larsen’s Continuous XRP Dumping
Chris Larsen’s recent $26 million transfer marks the latest in a series of XRP sales. This transaction brought his total XRP to over 106 million, which is around $334 million. Notably, most of these transfers have been directed to Coinbase, the popular U.S.-based exchange, fueling speculation about possible further sales.
This ongoing pattern of XRP transfers dates back to January. Larsen’s wallet shifted 40 million XRP at that time, valued at $116 million. Since then, the address linked to him has transferred additional large sums, with the most recent transfer taking place today.
Despite selling off a significant portion of his holdings, Larsen still holds vast amounts of XRP. Currently, the address retains 332.5 million XRP, valued at over $1 billion. The wallet linked to him holds about 4.39% of XRP’s total circulating supply, contributing to growing concerns in the XRP community.
XRP’s Price Surge Amid Larsen’s Sales
Despite Larsen’s ongoing sales, XRP’s price has surged dramatically, hitting a seven-month high. As of today, XRP is trading at $3.23, showing a remarkable 7% increase in the past 24 hours. This rise has made it one of the best-performing cryptocurrencies in the top 10 by market capitalization.
Larsen’s sales have sparked concern among some XRP investors. They fear that his large holdings could negatively affect XRP’s price if sold off in bulk. However, the market has remained resilient, with XRP continuing to push towards its all-time high of $3.84.
The growing gap between Larsen’s selling price and the current market value of XRP is noteworthy. At the current price, his previously sold stash is worth $342 million, more than $8 million higher than when it was sold.
