- Ripple co-founder Chris Larsen moved over US$6.5M in XRP to Coinbase last week, sparking speculation of a potential cashout as XRP made a new all-time high.
- Larsen also transferred US$40M in XRP to unidentified wallets; XRP surged to US$3.65 and surpassed USDT as the third-largest crypto by market cap.
- Larsen’s net worth has nearly tripled to US$9.7B as his wallets hold 2.6B XRP; his activity coincides with Ripple’s bank charter bid and a US$300M XRP reserve plan from Webus
Ripple co-founder and Executive Chairman Chris Larsen moved millions in XRP to Coinbase last week, just as the token set a new all‐time high (ATH).
Blockchain data shows that Larsen sent four separate batches of 2 million XRP, worth more than US$6.5M (AU$9.9M) at current prices, to the exchange last Tuesday. Additional transactions on Thursday saw over US$40M (AU$61M) in XRP routed to unidentified wallets, according to data first flagged by DL News.
It has raised the question whether or not the founder will cash out. Coinbase is a centralised exchange typically used to offload or liquidate assets, so it’s not crazy to suggest Larsen may be capitalising on XRP’s momentum.
As Crypto News Australia reported, XRP made a new all-time high last week, topping at US$3.65 (AU$5.61) breaking a 2018 record . The token is down 4% from that high and now trades at US$3.45 (AU$5.23). It’s now the third-largest cryptocurrency by market cap, overtaking Tether’s USDT.
Ripple Developments Fuel Interest in XRP
Similarly, XRP’s notional open interest for perpetual futures hit US$8.8B (AU$13.1B) on Wednesday, marking an all-time high. Total open interest now exceeds US$10B (AU$15.3B), according to CoinGlass.
Perhaps Ripple’s own moves might have likely fueled investor optimism. The company recently applied for US National Trust Bank charters. Meanwhile, Chinese firm Webus International disclosed plans to build a US$300M XRP reserve.
Related: Webus Secures $100M Equity Line from Ripple Strategy to Fuel XRP-Powered Mobility Expansion
Larsen, who stepped down as Ripple’s CEO in 2016 but remains executive chairman, still holds considerable XRP wealth. Wallets attributed to him on XRPscan hold 2.6 billion tokens, valued at roughly US$8.3B (AU$12B).
His personal fortune has nearly tripled in a year, with Forbes pegging his net worth at US$9.7B (AU$14.9B), up from US$3.2B (AU$4.9B) in 2024.
Credit: Source link
