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Title: $175M XRP Dump? Ripple Co-Founder Sparks Outrage with Massive Transfers
The cryptocurrency market has been left in a state of shock following the announcement that Ripple co-founder Chris Larsen has transferred approximately 50 million XRP, valued at around $175 million. The sudden and massive dump of this amount has raised concerns among traders and investors, who have taken to social media to express their outrage.
According to blockchain investigator ZachXBT, a staggering $140 million of the transferred XRP ended up on exchanges or other services, which is often seen as an indication that it has been liquidated. This information has sparked heated debates within the cryptocurrency community, with some speculating that Larsen’s actions have contributed to the recent decline in XRP’s price.
The timing of these transactions, coinciding as they did with a local high near $3.60, has only added fuel to the fire. Many are now left questioning Larsen’s true intentions behind such drastic and sudden movements of capital. Some have expressed their frustration, suggesting that this could be a sign of insider profit-taking at the expense of retail investors.
Despite the backlash, some industry experts remain optimistic about XRP’s future performance. Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, has stated that even in light of these events, XRP still stands as a strong contender for reclaiming its all-time high of $3.84 if broader market trends continue to favor it.
As the cryptocurrency space remains fixated on this sudden and massive dump, Ripple’s co-founder Chris Larsen has remained mum on the issue, neither confirming nor denying any involvement in these transactions.
Source: crypto-economy.com
