The wallet controlled by Ripple co-founder Chris Larsen has recently made significant transfers, sparking renewed market discussions.
According to on-chain detective ZachXBT, since July 17, Chris Larsen's wallet has successively transferred 50 million XRP, valued at approximately $161 million, with about $140 million flowing into addresses related to three exchanges; another 10 million XRP was transferred to two newly established wallets that have no trading records.
ZachXBT further pointed out that a total of 30 million XRP flowed into two addresses commonly used to transfer assets to exchanges; a third address received 10 million XRP; the remaining two transactions of 5 million XRP each are parked at two new addresses.
Past experiences show that any large transfers by Ripple's early internal executives can stir market nerves. After all, the supply of XRP is highly concentrated, and any slight movement can trigger a chain reaction.
The U.S. Securities and Exchange Commission (SEC) revealed in a lawsuit against Ripple in 2020 that Ripple CEO Brad Garlinghouse had cashed out over $150 million worth of XRP in three years; meanwhile, Chris Larsen and his spouse cashed out approximately $450 million during the same period.
According to estimates by ZachXBT, Chris Larsen still holds about 2.81 billion XRP, valued at over $9 billion.
Just as the price of XRP broke its historical high of $3.65 on July 18, Chris Larsen was also found to have transferred nearly $30 million worth of XRP to Coinbase. The market speculates that this transfer was meant to cash out at a high point, and the timing has attracted market attention and speculation.
