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Yesterday, I was looking at blockchain data when I noticed an interesting movement. A significant amount of XRP was transferred from a wallet connected to Chris Larson, co-founder of Ripple, to an exchange. Since early last week, about 50 million XRP, worth approximately $175 million, has moved, with around $140 million heading to centralized exchanges. Usually, sending this much to exchanges is seen as a signal of liquidation.
Right after this transfer, the price dropped sharply. XRP, which had risen to around $3.60 early last week, fell more than 14%, and especially on Thursday, a cascade of liquidations occurred, clearing over $100 million in long positions. The price was briefly supported around $3.08, but it still looks weak. Chris Larson’s wallet still holds over 2.8 billion XRP, but this movement seems to have had a notable impact on the market.
Currently, XRP is trading around $1.45, but traders are still holding onto a target of $6. The short-term volatility remains, but movements by major holders like Chris Larson always seem to serve as market signals. We’ll have to watch how things develop from here.