In a new development, Ripple co-founder Chris Larsen’s wallet, which is linked to him, has sent 50 million tokens to various exchanges. This move has triggered alarms among XRP investors. The wallet is still reported to hold over 2.5 billion XRP, and if this volume is distributed, it could create a significant selling pressure.
The current XRPUSD trading value is 13% less than its recent all-time highs, showing no signs of recovery after the sell-off. This has led to fresh concerns among investors about becoming the “exit liquidity” as Larsen continues to move large amounts of tokens to exchanges.
Responding to this situation, J. A. Maartunn, a contributor to onchain analytics platform CryptoQuant, advised XRP holders to avoid getting “dumped on”. He warned that the recent 50 million XRP outflows were just a fraction of the huge stash Larsen still possesses.
Maartunn further added, “Chris Larsen (Ripple co-founder) still holds 2.58B $XRP — that’s $8.83B. If $200M was just the warm-up… what’s next?”
Despite the recent sell-off, XRP remains a major altcoin that led the sector’s revival this month, following Bitcoin’s consolidation. As of now, XRPUSD is valued at $3.18, indicating a 13% correction according to Cointelegraph Markets Pro and TradingView.
“Don’t get dumped on. Don’t be the exit liquidity. Protect yourself,” Maartunn advised. Other market participants, including trader ManLy, echoed these concerns.
Meanwhile, Bitcoin shrugged off a massive 80,000 BTC sale by a Satoshi-era whale, which caused a brief dip in BTCUSD to around $114,500 before it rebounded. During this volatility, 24-hour crypto liquidations surpassed $500 million, as per data from monitoring resource CoinGlass.
This article does not provide investment advice or recommendations. All investments and trading moves involve risk. Readers are advised to do their own research before making any decision.
