Chris Larsen, a Ripple co-founder and current chairman of the firm, sold millions worth of XRP today, extending his persistent dump since the start of the year.
On-chain data shows that the co-founder continued his dumping spree today, as a wallet tied to him shifted $26 million in XRP. Notably, he moved the stash to the prominent US-based exchange Coinbase, sparking speculations of a possible sale.
The shift coincided with XRP’s rally to a seven-month high today. For context, XRP further strengthened its grip above $3, with its 7% rally in the past 24 hours. It currently trades at $3.23, with its daily gains outperforming those of all other cryptocurrencies in the top 10 ranking by market capitalization.
Former Ripple Boss Continues Sales
Remarkably, Larsen has been shifting XRP throughout this year and in large numbers. The Crypto Basic reported that the spree dates to as early as January, when an address, chrislarsen (5), shifted 40 million XRP, worth $116 million at the time, to exchanges.
Since then, the wallet has transferred 66 million XRP across dozens of transactions to Coinbase and another unidentified address, which typically ends up on an exchange. Today’s $26 million shift brings the total amount to 106 million XRP, valued at $334 million.
Interestingly, he has missed out on a massive gain from his sold stash. At the current price of $3.23, the stash would be worth $342 million now, more than $8 million of what he sold them for.
Larsen Still Has Billions of XRP At His Disposal
Meanwhile, XRPScan shows that the chrislarsen(5) account still holds massive amounts of XRP despite its selling spree. At the time of writing, it contains approximately 332.5 million XRP, worth $1.08 billion in today’s market.
Notably, the Larsen-affiliated address received 500 million XRP in 2013 upon the launch of the XRP Ledger as a gift. The balance remained unchanged until September 2024, when it first moved 50 million XRP to Coinbase. It has since then sold 167.5 million XRP.
In general, XRPScan shows that about 2.6 billion XRP is still attributed to Larsen’s name, held across six wallets. This amounts to a staggering $8.40 billion at the current market price.
Interestingly, his activities have raised concerns within the XRP community, with his large stash further fueling skepticism. Larsen’s stash currently accounts for 4.39% of XRP’s circulating supply, and some suggest their dump would affect prices.
Nonetheless, XRP has matched on and is currently above the $190 billion market cap. Also, XRP is on the verge of hitting a new peak, as it trades closer to its all-time high of $3.84.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
