Ripple’s Chris Larsen shifted 50 million XRP to exchanges just as prices peaked, sparking accusations of “dumping” tokens.
A wallet tied to Ripple co-founder Chris Larsen moved 50 million XRP, worth around $175 million, between July 17 and 23, sparking backlash from the crypto community amid a pullback in XRP’s price.
Blockchain sleuth ZachXBT flagged the transactions in a Thursday post on X, noting that roughly $140 million of the XRP (XRP) was sent to centralized exchanges or services. The transfers to exchanges are usually interpreted as an intent to cash out.
“Wallets linked to Chris Larsen still hold over 2.81 billion XRP (worth $8.4 billion),” ZachXBT noted, replying to a user who said, “It’s baffling how much they have and people buy this shit.”
