Ripple co-founder Chris Larsen's transfer of roughly $140 million worth of XRP to exchanges over the past week has triggered renewed concerns among investors.
According to blockchain analyst ZachXBT, a wallet linked to Larsen moved a total of 50 million XRP tokens to three different exchange addresses since July 17. Around $140 million worth of these XRP tokens were sent to previously-used exchange addresses, while the remaining portion was transferred to two newly created wallets.
Large-scale XRP sales by Ripple executives typically cause market anxiety due to ongoing legal issues with the SEC. Recently, after XRP approached its historical peak of $3.65, Larsen transferred about $30 million worth of XRP to Coinbase, subsequently leading to a price drop. Currently, XRP is trading around $3.20.
