"Ripple Chair Holds $9 Billion Worth of XRP... Additional Transfers Could Greatly Increase Selling Pressure"

JOON HYOUNG LEE

Summary

Chris Larsen, Chair of Ripple Labs, was reported to be holding $9 billion worth of XRP.
Analysis suggests that if Larsen makes additional transfers of XRP, the selling pressure could sharply increase.
Depositing to exchanges is mainly for the purpose of selling, and the trading price of XRP rose slightly that day.

Chris Larsen, co-founder and chairman of the board of Ripple Labs, is reported to hold XRP valued at $9 billion (about ₩12.5 trillion). Analysts suggest that if Larsen makes additional transfers of XRP, selling pressure could significantly intensify.

Maartunn, a contributor at CryptoQuant, stated on X (formerly Twitter) on the 26th (local time), "Chairman Larsen still holds 2.58 billion units of XRP," adding, "This amounts to $8.83 billion." Maartunn added, "The 50 million XRP recently transferred by (Chairman Larsen) is only a very small portion of his holdings," and, "If he moves to sell more of his XRP, selling pressure could surge."

It has been reported that Chairman Larsen has transferred up to 50 million XRP to U.S. crypto exchanges such as Coinbase in recent weeks. At current value, that equates to $175 million (around ₩240 billion). According to an industry official, "Depositing cryptocurrencies to exchanges such as Coinbase is almost always for the purpose of selling."

Meanwhile, as of 11:28 AM that day, XRP was trading at $3.19 on CoinMarketCap. This price is up 1.99% from the previous day.

XRP