Chris Larsen, co-founder of Ripple, has moved significant amounts of XRP this year, according to on-chain data. His wallet activity suggests a pattern of large transactions directed toward exchanges.
Following his first substantial sale last September, Larsen’s wallet has continued offloading XRP despite the asset’s strong performance in recent months.
Breakdown of Chris Larsen’s XRP Transactions
The first transaction this year occurred on January 6, when Larsen’s wallet sent 10 million XRP to Coinbase. At the time, XRP was trading at around $2.4, making the transaction worth approximately $24 million.
Also Read: Bill Morgan Downplays Bitcoin vs. XRP Debate, Says Market Remains Unaffected
A second transaction followed on January 16, involving 20 million XRP sent to an unknown address. This transfer took place hours after XRP regained the $3 level on January 15 for the first time in seven years.
With XRP trading at $3.027, the value of the transaction was around $60.5 million. On-chain data suggests that this unknown address has constantly forwarded assets to exchanges, raising speculation that the funds were intended for liquidation. Shortly after, an initial 4 million XRP moved out, and the remaining tokens followed days later.
On January 22, Larsen executed another transaction, moving 10 million XRP to an undisclosed destination. XRP was trading at approximately $3.15 at that time, making the transaction worth $31.5 million. These consistent transfers indicate an ongoing selloff strategy.
Larsen’s Remaining XRP Holdings
As of now, the wallet holds 410 million XRP and since last September, Larsen has liquidated 90 million XRP. This year alone, he has transferred 40 million XRP, valued at around $116 million.
Larsen was initially allocated 500 million XRP when the XRP Ledger (XRPL) launched in 2013. Until September 2024, he retained the full allocation before selling 50 million XRP to an unknown address. Across his six wallets, he still holds approximately 2.71 billion XRP.
What is the Significance?
These transactions highlight an ongoing movement of funds, raising discussions within the community about the potential impact on XRP’s price and liquidity. While XRP has maintained a strong market position, Larsen’s continuous sales add another layer of interest to its future market activity.
Meanwhile, Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) has taken a new turn. Observers recently noticed that the Ripple lawsuit was deleted from the SEC’s litigation section, leading to speculation that the case had been dismissed.
This discovery fueled discussions among the XRP community, with many questioning whether the long-standing legal dispute had finally ended.
Also Read: XRP Lawsuit Over? Here is What Happened
