Just as the XRP prices peaked, the cofounder of Ripple moved a massive amount of XRP tokens to exchanges, sparking accusations of dumping the token in the market, after XRP went through a correction.
Ripple’s cofounder Chris Larsen, transferred 50 million XRP tokens to exchanges just as XRP was nearing its peak. Blockchain sleuth, ZachXBT, shared on X that the wallet linked to Larsen had moved 50 million XRP, worth about $175 million, to four different addresses between July 17 and 23. With XRP going through a retracement, the crypto community is backlashing Larsen.
Usually, when a large amount of tokens is moved from the wallets to exchanges during the tokens’ peak performance, it is a preemptive move for a dump.
Larsen made this huge move when XRP touched a local high of $3.6, and shortly after, the prices dipped to $3.10, which inevitably made some in the crypto community point fingers at the cofounder. One netizen replied to the post and stated, “Chad for dumping on his autistic fan base.” Another comment read, “He’s not dumping. He’s only decentralizing his holdings to longer-term holders to ensure a fair decentralization of the network and supply.” When some of the comments were witty jabs, others raised serious concerns.
A genuine comment requesting assistance from the community read, “Is there a chart that shows how much XRP insiders own? Like, can I see the crime somewhere? The user mentioned the above comment as a reply to ZachXBT, post which read “wallets linked to Chris Larsen only have another 2.81B+ XRP ($8.4B) left”
After getting to know about how much insider hold, another person wrote, “It’s baffling how much they have, and people buy this shit.”
