Ripple co-founder Chris Larsen has moved significant amounts of XRP in 2024, with on-chain data revealing multiple large transactions directed toward exchanges. His selling activity, which began in September 2023, has continued despite XRP’s strong price performance in recent months.
Breakdown of Chris Larsen’s XRP Sales
January 6:
- 10 million XRP sent to Coinbase
- XRP price: ~$2.40
- Transaction value: ~$24 million
January 16:
- 20 million XRP sent to an unknown address
- XRP price: ~$3.027
- Transaction value: ~$60.5 million
- Speculation: The receiving address forwarded the tokens to exchanges, suggesting a liquidation strategy
January 22:
- 10 million XRP moved to an undisclosed destination
- XRP price: ~$3.15
- Transaction value: ~$31.5 million
Ongoing Selloff Strategy
Larsen’s transfers indicate a consistent pattern of XRP liquidation, raising questions about its impact on market dynamics.
Larsen’s XRP Holdings: What’s Left?
- Total XRP sold since September 2023: 90 million XRP
- Total XRP sold in 2024: 40 million XRP (~$116 million)
- Current XRP balance: 410 million XRP
- Original allocation (2013): 500 million XRP
- Total XRP across six wallets: 2.71 billion XRP
Market Implications & XRP Community Reactions
Larsen’s continuous XRP selloffs have fueled community discussions about potential market impacts. Despite these large transfers, XRP has remained strong, recently reaching the $3 level for the first time in seven years.
Meanwhile, Ripple’s legal battle with the SEC has also gained attention after observers noticed that the lawsuit was removed from the SEC’s litigation section. While speculation arose about a potential dismissal, further analysis revealed that the case had been moved to the “cases on appeal” section, confirming ongoing legal proceedings.
Conclusion
Chris Larsen’s XRP sales add another layer of intrigue to the asset’s market performance. While his selloffs raise liquidity and price impact concerns, XRP’s bullish momentum continues.
With regulatory battles still unresolved and XRP adoption growing, investors will closely watch whether Larsen’s selling strategy will intensify or slow down in the coming months.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.