Ripple co-founder Chris Larsen's recent transfer raises alarms over potential selling pressure as XRP struggles to recover from a price drop amid broader market volatility.
Ripple co-founder Chris Larsen moved 50 million XRP to exchanges, raising concerns of potential sell pressure as he still holds over 2.58 billion XRP valued at approximately $8.83 billion. XRP's price dropped 13% to $3.18 following this transfer and amid market volatility triggered by a separate 80,000 BTC sale, leading analysts to caution investors against becoming 'exit liquidity.' The notional open interest for XRP perpetual futures reached a record $8.8 billion, indicating bullish sentiment despite the recent price drop.