In recent days, Chris Larsen, co-founder of Ripple, has moved $175 million worth of XRP tokens. With the asset down 16% since its all-time high, it appears that the entrepreneur has taken some profits. We take a closer look.
Ripple co-founder Chris Larsen moves $175 million worth of XRP
Last week, Ripple’s XRP surpassed its all-time high (ATH) to reach $3.66 per unit. Since then, the asset has corrected by just over 16% and is trading at $3.07, up 1.45% over 24 hours:
Of course, this correction is not unique to XRP, but the fact that it is more pronounced than elsewhere on this particular asset raises questions.
On X, on-chain investigator ZachXBT identified movements of $175 million worth of XRP tokens attributed to Chris Larsen, one of the co-founders of Ripple. A total of 50 million XRP were moved, which may suggest profit-taking:
For now, Chris Larsen has not commented on these movements, but the amounts involved may be sufficient to explain in part the sharp decline in recent days, given the market depth on the various centralized exchanges.
In short, market depth is the size of the orders needed to raise or lower the price of an asset by a given percentage, in this case 2%.
This has led to two opposing viewpoints: on the one hand, those who believe that Chris Larsen is selling XRP at the expense of his community, and on the other, those who consider it normal for him to take profits from time to time.
Generally speaking, he cannot necessarily be blamed for the entire decline, and many investors may have chosen to take profits after the new ATH. In such market conditions, it is indeed important not to give in to Fear Of Missing Out (FOMO), but also to know how to cash in on gains when prices have risen sharply.
In any case, the co-founder of Ripple still holds significant amounts of XRP, as ZachXBT points out:
Wallets linked to Chris Larsen now hold only 2.81 billion XRP ($8.4 billion)!
Given XRP’s current market capitalization, this represents 4.73% of all XRP in existence.
