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Ripple Co-Founder Moves Millions in XRP Amid Price Surge
Last week, Chris Larsen, co-founder and Executive Chairman of Ripple, transferred over US$6.5 million (approximately AU$9.9 million) worth of XRP to Coinbase, coinciding with the token reaching a new all-time high (ATH). This significant movement of cryptocurrency has sparked speculation regarding whether Larsen might be looking to cash out at this peak.
Recent Transfers and Market Activity
On Tuesday, blockchain data revealed Larsen executed four transactions, each involving 2 million XRP. Additionally, on Thursday, more than US$40 million (around AU$61 million) in XRP was moved to undisclosed wallets. These actions have led to conjectures about Larsen’s intentions, given that Coinbase is a centralised exchange often used for liquidating assets.
As reported by Crypto News Australia, XRP’s price surpassed its previous 2018 record, peaking at US$3.65 (AU$5.61) before slightly retracing to US$3.45 (AU$5.23). This ascent has positioned XRP as the third-largest cryptocurrency by market capitalisation, overtaking Tether’s USDT.
Source: TradingView.
Surge in Investor Interest
Ripple’s broader developments appear to be fostering increased interest in XRP. On Wednesday, XRP’s notional open interest for perpetual futures reached an all-time high of US$8.8 billion (approximately AU$13.1 billion), with total open interest surpassing US$10 billion (around AU$15.3 billion), as per CoinGlass data.
Notably, Ripple has recently applied for US National Trust Bank charters, enhancing confidence among investors. In addition, the Chinese firm Webus International has announced intentions to create a US$300 million XRP reserve, likely further fueling interest in the cryptocurrency.
Larsen’s Wealth and Market Influence
Chris Larsen, who stepped down as Ripple’s CEO in 2016 but continues to hold a pivotal role, has seen his personal wealth nearly triple over the past year. His current net worth is estimated at US$9.7 billion (AU$14.9 billion), up significantly from US$3.2 billion (AU$4.9 billion) just a year earlier. Larsen retains substantial holdings in XRP, with wallets linked to him containing around 2.6 billion tokens, valued at approximately US$8.3 billion (AU$12 billion).
As the cryptocurrency market continues to evolve, developments around Ripple, along with significant individual transactions such as Larson’s, serve as critical indicators of market sentiment and potential future movements for XRP and the wider sector.
Conclusion
The recent actions of Chris Larsen highlight the dynamic nature of the cryptocurrency market, where significant financial moves can signal broader trends or shifts in investor sentiment. As Ripple pushes forward with its banking ambitions and as new reserves are established, market participants will be keenly watching XRP for further developments and potential investment opportunities.
