A purse tied to Ripple co-founder Chris Larsen moved 50 million XRP, worth $ 175 million, between July 17 and Wednesday, sparking a backlash from the crypto community amid a pullback on XRP prices.
Blockchain Sleuth Zachxbt That -flag Transactions in a post on Thursday at X, noted to be approximately $ 140 million of XRP (XRP) has been sent to centralized exchanges or services. Transfers to exchanges are usually interpreted as a intent to cash out.
“The wallets linked to Chris Larsen still hold 2.81 billion XRP (worth $ 8.4 billion),” said Zachxbt, who replied to a user who said, “This is confusing how much they and people buy this shit.”
The XRP, currently trading around $ 3.09, has a market cap of $ 183 billion. This means that the amount of Larsen holders costs about 4.6% of the total XRP market cap, which could create strong sales pressure if moved quickly.
Related: XRP threatens to fall to $ 3: Will Bulls start to buy a dip?
Larsen accused of “disposing” near the local high
The timing of Larsen’s XRP shift draws criticism. The shift arrived as XRP grabbed a local high over $ 3.60 on Friday, before falling below $ 3.10, leading some to accuse Larsen’s “dumping” in the market.
“Chad for throwing his autistic fan base,” said an X user. “Game is game,” Zachxbt stop in a follow-up post.
Another user stated Failure with the repeated pattern of insider sellers, asking how Ripple continues to hold a top-five rank in the middle of “predatory dumping.”
Not all are in favor of criticism. A user called 0xlouist Argued The move is about “decentralized his holdings on longer holders to ensure a fair decentralization of the network and supply.”
Larsen did not comment on the public at the time of publication. Cointelegraph handed Ripple to comment but did not receive a response through the publication.
Related: Can the XRP price reach $ 20? These charts say the ‘whole bull’ phase is still preceded
High XRP Eyes 2018 Despite Drop
According to CEO’s Bitpandan deputy, Lukas EnzersDorfer-Conrad, XRP remains in a position to potentially break The 2018 all-time high of $ 3.84 despite the recent sinking.
Enzersdorfer-Conclusions noted that the future of XRP’s future is more dependent on favorable market conditions and continued cycle of capital from Bitcoin to the altcoins. He said there was no unique catalyst that drives the XRP on its own, and the wider market momentum is key.
Magazine: XRP Win has left Ripple a ‘bad actor’ with no crypto legal previously set
