Ripple's Co-founder Continues Cashing Out: Impact on XRP Price?
Chris Larsen, Ripple's co-founder, has sold significant amounts of XRP since 2018, raising concerns about the cryptocurrency's price stability.
Summary
Ripple’s co-founder, Chris Larsen, has accrued over $764 million from the sale of his cryptocurrency, XRP, since 2018. His actions have raised alarms about XRP’s potential price decline as he has been known to cash out during price peaks.
Key Insights
- Larsen’s total realized profit from XRP sales has reached approximately $764,209,610.
- The price of XRP must surpass $2.60 (200-day SMA) to establish a bullish trend.
Market Implications
XRP has been trading 34% below its peak around $3.66 recorded on July 13. Analysts suggest that continued selling pressure from Larson’s large holdings may hinder any potential price recovery.
Related: XRP price targets $3 as whale wallet count hits new all-time highs
While some investors see Larson’s sales as a prudent profit-taking move, others believe it could lead to downward pressure on XRP prices. According to J.A. Maartunn from CryptoQuant, Larson has repeatedly exhibited a pattern of selling at opportune moments, a warning for existing XRP holders.
“Larsen has a recurring habit of cashing out near local highs.” — J.A. Maartunn
Additionally, Larsen has announced a 50 million XRP transfer for a significant investment, marking a major move in the crypto market.
Chris Larsen XRP realized profit.
Source: CryptoQuant
Future Price Levels to Monitor
The XRP/USD trading pair must flip the $2.60 average into support to aim for higher prices. For now, continued focus on market movement and Larson’s holdings will be crucial for XRP traders. Investors are advised to track RSI and MA trends to better gauge market sentiment.
