Ripple’s co-founder Chris Larsen is facing backlash after blockchain data revealed he transferred 50 million XRP, worth $175 million, to centralized exchanges between July 17 and 23, just as XRP reached a local high.
Blockchain investigator ZachXBT first flagged the movement on X (formerly Twitter), stating that approximately $140 million worth of XRP was sent to exchanges—a common precursor to selling. The timing couldn’t have been more controversial: Larsen’s transfer came just as XRP touched $3.60 on July 18, before tumbling to $3.09, prompting many in the community to accuse him of “dumping” on retail investors.
“It’s baffling how much they have and people buy this,” one user wrote, pointing to the 2.81 billion XRP (~$8.4 billion) still tied to Larsen-linked wallets—roughly 4.6% of XRP’s market cap.
Community Reacts: ‘Game Is Game’
Reactions ranged from outrage to sarcasm. One user mocked Larsen as a “Chad” for dumping on loyal followers, while others questioned how XRP remains a top-five cryptocurrency despite recurring insider sell-offs.
Some, however, defended the move. A user named 0xLouisT suggested it could be part of an effort to decentralize token distribution: “Maybe he’s redistributing his holdings to long-term holders for fair decentralization.”
Ripple has yet to issue an official response, and Larsen himself has not commented.
Despite the controversy, analysts see potential upside. Bitpanda’s deputy CEO Lukas Enzersdorfer-Konrad believes XRP could still target its 2018 high of $3.84, citing altcoin momentum and capital rotation from Bitcoin.
However, he also noted that no unique catalyst is pushing XRP higher on its own, and market conditions will be key to further gains.
Why It Matters
This event highlights the fragility of investor sentiment in the altcoin space. While XRP maintains a loyal following, insider movements like Larsen’s can trigger significant price drops, undermine confidence, and renew calls for transparent token economics.
As XRP hovers around $3.10, the coming days will test whether the market can absorb this selling pressure—or if the price will break further.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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