Ripple co-founder Chris Larsen is under fire after moving 50 million XRP, worth around $175 million, to crypto exchanges just as XRP hit a local high of $3.66.
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The transactions, which were picked up by blockchain analyst ZachXBT, happened just as XRP hit a local high of $3.66, its best level since 2018. Within hours, the price dropped sharply. That has left investors wondering: Was this just another coordinated dump?
Whales Move, Traders React
ZachXBT posted the wallet details and timing of the transactions on X, showing that most of the XRP, around $140 million worth, was sent to centralized exchanges. In crypto, that usually means someone is preparing to sell.
This wasn’t a small sell either. Larsen-linked wallets reportedly still control 2.81 billion XRP, valued at more than $8 billion. That gives him enormous influence over price action. The fear now is that if even a portion of that holding hits the market, XRP could see even more downward pressure.
Crypto Community Cries Foul
The backlash was swift. Traders on X accused Larsen of dumping tokens on retail investors just as excitement around XRP had peaked.
“Game is game,” ZachXBT responded to one user who expressed frustration over Ripple insiders consistently selling at highs.
Some were even more blunt, with comments accusing Ripple of being a “top-five scam project” fueled by insider profit-taking.
Not everyone was convinced it was a malicious move. Another user defended the sell as a “decentralization” effort, suggesting Larsen was redistributing supply to longer-term holders. Still, with XRP down to $3.10 and traders left holding the bag, the timing leaves questions.
Ripple Quiet as XRP Struggles
Ripple has not commented on the transactions, and neither has Larsen himself. This isn’t the first time Ripple execs have been accused of strategic selling, and critics say it reinforces a trust gap between the company and the community.
That gap is growing as XRP struggles to hold support levels after a promising rally. The price surge, driven in part by regulatory clarity and ETF hype, has lost momentum. And now, with a big insider moving funds, confidence has taken another hit.
Analysts Still See a Path Back to XRP’s 2018 High
Despite the controversy, some analysts still see upside. Lukas Enzersdorfer-Konrad, deputy CEO at Bitpanda, said XRP could still retest its 2018 high of $3.84. But he was quick to add that momentum depends on broader market strength, not XRP-specific catalysts.
And that may be the real problem. XRP needs trust to rally. But when one of its biggest holders moves nine-figure sums near a local top, that trust gets tested fast.
At the time of writing, XRP is sitting at $3.1025.
