Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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XRP investors are raising red flags after a wallet linked to Ripple co-founder Chris Larsen sent 50 million XRP to exchanges, a move that some fear could signal the start of broader sell pressure.
Key Takeaways:
- Ripple co-founder Chris Larsen moved 50M XRP to exchanges, sparking fears of a broader sell-off.
- Larsen still holds 2.58B XRP, leading analysts to warn that more sell pressure could follow.
- XRP dropped 13% amid market volatility, adding to investor concerns about insider activity.
The transaction came just days after XRP surged to near all-time highs above $3.60 on July 17.
However, the rally was quickly overshadowed by Larsen’s wallet activity, prompting mixed reactions online. Some interpreted the move as a logical profit-taking step, while others saw it as a warning sign.
CryptoQuant Analyst Warns XRP Holders: “Don’t Get Dumped On”
J.A. Maartunn, an analyst at on-chain data platform CryptoQuant, cautioned followers on X, warning XRP holders not to “get dumped on.”
He pointed to Larsen’s massive remaining XRP balance as a looming risk.
According to Maartunn, the Ripple co-founder still holds approximately 2.58 billion XRP — currently valued at $8.83 billion — making the 50 million token outflow a mere fraction of his total holdings.
“If $200 million was just the warm-up… what’s next?” Maartunn asked, urging traders to “protect yourself” and avoid becoming exit liquidity.
XRP has since corrected 13%, now trading at $3.18, according to data from Cointelegraph Markets Pro and TradingView.
The drop came amid wider market jitters as Bitcoin briefly plunged to $114,500 after a dormant Satoshi-era wallet moved 80,000 BTC for the first time in 14 years.
The transaction, processed by Galaxy Digital, triggered over $500 million in crypto liquidations within 24 hours, per CoinGlass.
While the broader market remains volatile, concerns over insider selling in XRP have added to investor unease.
With billions of tokens still under Larsen’s control, market participants are watching closely for signs of further distribution, and the potential impact on XRP price momentum.
XRP Perpetual Futures Open Interest Hits Record $8.8B
XRP saw a spike in notional open interest for its perpetual futures contracts last week.
Notional open interest, the total value of leveraged positions held by traders, climbed to an all-time high of $8.8 billion, according to CoinGlass. The figure corresponds to nearly 2.9 billion XRP in open contracts.
The previous record for XRP notional open interest stood at $8.3 billion, which was hit in late January before the start of former U.S. President Donald Trump’s second term.
Across most venues, XRP’s funding rate was positive and climbing, signaling a market where longs are willing to pay shorts to maintain positions, a classic indicator of bullish sentiment.
As reported, the number of wallets holding at least 1 million XRP tokens has also surged to an all-time high.
Data shows that wallets holding 1 million or more XRP collectively control over 47.32 billion tokens.
Last month, Ripple CEO Brad Garlinghouse revealed the company plans to withdraw its cross-appeal against the SEC, adding that the regulator is also expected to drop its own appeal.
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