Is Ripple co-founder Chris Larsen secretly selling his XRP stash?

Ripple co-founder Chris Larsen would have moved XRP worth more than $120 million.

Ripple co-founder Chris Larsen allegedly moved XRP worth more than $120 million. Part of that he had already sold.

According to on-chain data, Larsen moved XRP tokens worth about $120 million, raising fresh concerns that retail investors could again end up as exit liquidity. In just one hour, Larsen would have sold or transferred about 50 million XRP, while the crypto's price had been under noticeable pressure in recent weeks.

For some traders, Larsen's activity recalls previous periods when insider selling followed local price spikes. On-chain analyst J. A. Maartunn View post on X sharp on X (formerly Twitter):

"Still buying into the hype? He's cashing out. You're left holding the bag."

Yet not everyone sees Larsen's recent move as a classic sale. According to industry reports, the Ripple co-founder may be backing a new initiative with these transactions: Evernorth Treasury, a publicly traded XRP company aiming to raise up to $1 billion to collect XRP and hold it long term. Larsen himself had announced he would contribute 50 million XRP to the project.

XRP, currently the fifth-largest cryptocurrency by market cap, is trading around $2.43, more than 33% below the all-time high of $3.65 in July. Ripple insiders like Larsen and CEO Brad Garlinghouse have faced repeated criticism in the past for large-scale token sales.

In the SEC lawsuit, the U.S. securities regulator alleged that Larsen and his wife sold about $450 million worth of XRP between 2017 and 2020, while Garlinghouse personally realized about $150 million.