 
 
A wallet linked to Ripple co-founder and Executive Chairman Chris Larsen has moved 50 million XRP — the cryptocurrency he helped create — (valued at around $175 million) to four addresses between July 17 and Wednesday.
Did Larsen Dump XRP On The Market?
As pointed out by popular blockchain sleuth ZachXBT, approximately $140 million of the XRP was transferred to centralized crypto exchanges, implying the Ripple executive was planning to sell.
On July 18, the third-largest cryptocurrency by market cap set a new all-time high price of $3.65 — the first time it had done so in over seven years, according to CoinGecko. The Ripple-linked cryptocurrency hit a valuation of $215 billion, briefly surpassing McDonald’s, per CompaniesMarketCap, as the bulls ran wild.
“Wallets linked to Chris Larsen still hold over 2.81 billion XRP (worth $8.4 billion),” ZachXBT wrote, responding to an X user who said, “It’s baffling how much they have and people buy this shit.”
At current prices, Larsen’s stash accounts for nearly 5% of XRP’s total market capitalization, which could create significant selling pressure if liquidated.
 
The timing of Larsen’s XRP movements drew the ire of crypto community members as they came just as the payments-focused token approached its all-time high, before slumping to $3.10 lows, sparking accusations of the Ripple exec “dumping” on investors.
“Chad for dumping on his autistic fan base,” one X user stated. “Game is game,” ZachXBT opined in response.
Wallets tied to Larsen now have another 2.81 billion XRP (worth around $8.4B) left.
“Ever wonder why Ripple is able to maintain its top 5 crypto ranking with all this predatory dumping? That’s the golden perk that every dev should learn,” another X user quipped.
Not all spectators were criticizing Larsen’s XRP transfers. A user going by the online moniker 0xLouisT claimed the latest transactions were about “decentralizing his holdings to longer-term holders to ensure a fair decentralization of the network and supply.”
Investor interest in XRP has increased amid a broader crypto market resurgence, and top fund managers are filing paperwork to try and get a spot XRP exchange-traded fund (ETF) greenlighted in the United States.
Source: https://zycrypto.com/ripples-chris-larsen-sparks-backlash-for-sending-140-million-in-xrp-to-exchanges-near-all-time-highs/