Ripple co-founder Chris Larsen's recent transfer of 50 million XRP raises concerns about sell pressure as the community reacts to potential profit-taking.
A wallet linked to Ripple co-founder Chris Larsen transferred 50 million XRP, valued at around $175 million, between July 17 and 23, amid a price pullback. Approximately $140 million went to centralized exchanges, suggesting potential cash-out intentions. Larsen's wallets still hold over 2.81 billion XRP, which could exert significant sell pressure. The timing of the transfers coincided with XRP's local high of $3.60, leading to accusations of market dumping. Despite criticism, some argue the move aims to decentralize holdings. XRP is currently trading at $3.09 with a market cap of $183 billion.