Ripple co-founder Chris Larsen transferred approximately $140 million worth of XRP to cryptocurrency exchanges this week, raising concerns about insider selling and contributing to a significant market reaction.
The transactions, totaling $175 million in XRP movements during the period, saw the majority deposited directly to trading platforms. Despite these transfers, Larsen retains substantial holdings exceeding 2.81 billion XRP valued at approximately $8.4 billion across personal wallets.
Market data shows XRP’s price dropped 8% concurrently with the transfers, reaching a weekly low of $2.99. Technical indicators signaled vulnerability as prices breached the 4-hour moving average trendline, suggesting a shift in short-term momentum.
The extensive transfers have ignited community debate regarding their impact on XRP’s market trajectory and broader implications for cryptocurrency decentralization principles.