🔻 XRP Drops 14% After Major Wallet Movement
📉 Key Highlights:
Price Action:
XRP surged to $3.64, its highest since 2021, before dropping to around $3.08, marking a 14% weekly loss.
- Wallet Movement:
Between July 17–24, a wallet attributed to Chris Larsen (Ripple co-founder) transferred 50M XRP (~$175M).
- $140M was sent directly to centralized exchanges, suggesting potential liquidation.
- The moves coincided closely with XRP’s peak price.
Market Reaction:
- $105M in XRP long positions were liquidated in a $735M broader crypto market crash.
- XRP was the second-largest altcoin hit by liquidations last Thursday.
- Price tested support between $3.06–$3.10, then stabilized at around $3.08.
Remaining Holdings:
- Wallets linked to Larsen still hold 2.81B XRP (~$8.4B).
- That’s about 4.6% of XRP’s total market cap.
🔮 Market Outlook:
Despite the sell-off, analysts and traders still eye the $6 level as a medium-term target for XRP.
⚠️ Conclusion:
The XRP price correction appears closely tied to large movements of tokens to exchanges by Larsen’s wallets—triggering market panic and a wave of liquidations. While the short-term sentiment has taken a hit, the medium-term bullish outlook remains intact for now, supported by strong technical targets and broader altcoin interest.