XRP slipped from last-week’s record high as a wallet attributed to Ripple co-founder Chris Larsen made a number of large transactions.
Between July 17 and July 24, the wallet transferred 50 million XRP, worth approximately $175 million. Some $140 million of that was directed to centralized exchanges, according to blockchain analyst ZachXBT.
Transferring tokens to an exchange is widely interpreted as an intention to liquidate holdings for stablecoins or other tokens because large amounts are usually not stored on exchanges for a long time.
The transactions occurred shortly after XRP touched a record $3.64 before pulling back to around $3.
Neither Larsen nor Ripple has commented on the matter publicly.
“Wallets linked to Chris Larsen still hold over 2.81 billion XRP (worth $8.4 billion),” ZachXBT noted. That represents about 4.6% of XRP’s total market cap.
XRP is down over 14% in the past week, with the bulk of the losses coming from a liquidation cascade on Thursday that wiped out over $105 million in XRP long positions, the second-largest altcoin liquidation during a $735 million crypto market crash.
The liquidations came as XRP dropped as much as10%, testing support in the $3.06–$3.10 zone before price stabilized near $3.08.
Despite the price drop, traders and analysts are targeting the $6 mark in the medium term, as CoinDesk reported earlier this week.