Ripple Co-Founder’s Latest Cryptocurrency Transactions: Impact on Market Price Discussed

Chris Larsen, the co-founder and chairman of Ripple, has continued his XRP sales spree by transferring $26 million worth of cryptocurrency to Coinbase. This significant transaction comes as the price of XRP surges to a seven-month peak, reaching $3.23.

This latest transfer brings Chris Larsen’s total XRP transactions this year to over $106 million, valued at approximately $334 million. It is essential to note that all these transactions have been directed towards Coinbase, fueling speculation about possible future sales. This pattern of transfers dates back to January and has not ceased since.

Despite his significant sales, Chris Larsen still holds a substantial portion of XRP tokens. His wallet now retains 332.5 million tokens, worth more than $1 billion. This holding accounts for approximately 4.39% of the entire circulating supply, raising concerns within the XRP community about potential price drops if these tokens are sold en masse.

On the other hand, the market has remained resilient in the face of Larsen’s ongoing sales. The current surge has pushed XRP higher than its all-time high of $3.84. It is essential to note that there is a growing gap between Larsen’s selling price and the current market value of XRP. At the present price, his previously sold stash is worth more than $342 million, an increase of over $8 million since he initially sold them.

Chris Larsen’s actions have led to significant debates within the crypto community about the potential impact on XRP’s price.

Source: coincentral.com