Chris Larsen, a co-founder and executive chairman of Ripple, has reportedly sent $26 million worth of XRP to the Coinbase exchange on Tuesday, July 15, as the digital asset surged to its highest price in over seven months. While it is not definitively confirmed that Larsen sold the XRP, transferring funds to centralised exchanges typically signals an intent to cash out. This move comes as XRP is closing in on its all-time high, set more than seven years ago, amidst a broad crypto market rally.
Larsen’s Recent XRP Transfers
The $26 million transfer to Coinbase is part of a larger pattern of transactions from a wallet attributed to Chris Larsen. Since the start of the year, this specific wallet has sent a total of 106 million XRP, currently valued at $344 million, to various centralised exchanges and auxiliary wallets. The frequency and volume of these transfers have reportedly increased in tandem with XRP’s price appreciation.
XRP has been a top-gaining crypto asset recently, jumping 32% over the past week to reach $3.25. It is now reportedly just 3.8% away from surpassing its all-time high price of $3.40, which was set in January 2018. Larsen, who co-founded Ripple in 2013 and stepped down as CEO in 2016 but remains executive chairman, holds approximately 2.6 billion XRP, with a market value of $8.3 billion. Forbes estimates his net worth at $9.7 billion, a significant increase from $3.2 billion last year.
Ripple’s Recent Success and Future Outlook
Larsen’s XRP movements coincide with a period of significant positive momentum for Ripple and the XRP ecosystem. The company’s recent business moves, coupled with increased investor interest, have driven up XRP’s price and, consequently, Larsen’s net worth. Earlier this week, XRP notably overtook Tether’s USDT stablecoin to become the third-largest crypto asset by market capitalisation, behind only Bitcoin and Ethereum.
Ripple has also been making strategic advancements aimed at deeper integration into the traditional financial system. At the start of July, Ripple, alongside USDC issuer Circle, applied for US National Trust Bank charters, a move that would bring them under federal oversight. Furthermore, in June, Webus International, a Nasdaq-listed Chinese firm, announced plans to build a $300 million XRP treasury, signalling growing corporate interest in the asset.
A major catalyst for XRP’s recent rally and future prospects is the resolution of Ripple’s long-standing legal battle with the U.S. Securities and Exchange Commission (SEC). In June, Ripple chose to drop an appeal in the lawsuit concerning XRP’s alleged status as a security. Analysts at the time indicated that this move should clear the way for the approval of a spot XRP exchange-traded fund (ETF), which is expected to attract significant institutional investment. The NYSE Arca’s recent approval for the listing and registration of the ProShares Ultra XRP ETF (UXRP), a leveraged futures-based product, further underscores increasing institutional confidence in XRP.
