XRP Slides After Ripple Co-Founder Moves $175M in Tokens to Exchanges
XRP has dropped sharply from recent highs, following significant token transfers from a wallet tied to Ripple co-founder Chris Larsen. The moves have sparked renewed concerns about potential sell pressure in the market.
Between July 17 and July 24, the wallet offloaded 50 million XRP, valued at approximately $175 million. Of that, around $140 million was sent to centralized exchanges, according to on-chain analyst ZachXBT — a move typically viewed as preparation for liquidation.
The transactions came just after XRP hit a high of $3.64, its strongest level since 2021, before retreating toward the $3 mark.
“Wallets linked to Chris Larsen still hold over 2.81 billion XRP (worth $8.4 billion),” noted ZachXBT, adding that the stash represents roughly 4.6% of XRP’s total market cap.
Neither Larsen nor Ripple has addressed the transfers publicly.
XRP is down over 14% this past week, with much of the drop attributed to a liquidation wave that erased over $105 million in long positions during a broader $735 million market selloff. The token briefly plunged 10% on Thursday, testing support between $3.06 and $3.10 before stabilizing near $3.08.
Despite the pullback, bullish sentiment remains. Some analysts continue to eye the $6 level in the medium term, citing long-term adoption trends and the potential for ETF-driven momentum.
