$XRP Ripple Co-Founder Moves Hundreds of Millions of Dollars Worth of XRP to Exchanges in the Last Week!

Ripple co-founder Chris Larsen has raised concerns in the markets by sending approximately $140 million worth of XRP to exchanges in the last week.

Ripple (XRP) investors have recently turned their attention to the significant selling movements made by co-founder Chris Larsen. According to data shared by blockchain analysis expert ZachXBT, a wallet known to belong to Larsen has transferred a total of 50 million XRP since July 17. Approximately $140 million worth of these XRP were sent to three separate exchange addresses.

ZachXBT's analysis indicates that Larsen's wallet still holds a total of 2.81 billion XRP. With the current XRP price, the value of this amount is around $9 billion. Of the transferred XRP, a portion of 30 million was sent to addresses previously used for transferring funds to exchanges, while 10 million XRP was transferred to a different exchange-related address. The remaining 10 million XRP has begun to be stored in two new wallets that have never been used for transactions before.

Why are XRP sales critical?

The large sales made by Ripple's top executives generally create concern in the market. Particularly, the allegations that CEO Brad Garlinghouse and Larsen sold hundreds of millions of dollars worth of XRP in a previous lawsuit filed by the U.S. Securities and Exchange Commission (SEC) are still fresh in people's minds. These recent selling movements have brought similar concerns back to the forefront.

Recently, after XRP's price approached its historical peak of $3.65, Larsen transferred approximately $30 million worth of XRP to the Coinbase exchange. Following these developments, the XRP price started to decline and is currently trading at around $3.20.