Chris Larsen, co-founder of Ripple, has attracted attention after transferring a significant amount of XRP to exchanges. Recent changes in the token's price have led to extensive discussions among cryptocurrency users.
Transfer of XRP to Exchanges
According to blockchain detective ZachXBT, Chris Larsen sent approximately $140 million worth of XRP to exchanges. On July 17, he transferred $30 million to Coinbase when the altcoin was trading near its all-time high (ATH) of $3.65. Over the following days, he sent an additional $110 million to the same platform. At the time of writing, the price had decreased to $3.13.
Reactions from the Crypto Community
The crypto community speculated that Larsen was preparing to sell XRP and accused him of dumping the cryptocurrency. One user, known as Retro, commented, "It's a real man to screw over his autistic fans with a sale." To this, ZachXBT jokingly replied, "these are the rules of the game." Another community member, 0xLouisT, suggested that Larsen was distributing assets to long-term XRP holders in order to decentralize the XRP Ledger network.
Future Prospects of XRP Price
Bitpanda Deputy CEO Lucas Enzersdorfer-Konrad believes that XRP still has a chance to surpass its 2018 price record of $3.84. He noted that the future price movements of the token primarily depend on broader market conditions and the potential redistribution of capital from Bitcoin to altcoins, rather than on internal factors related to the Ripple project itself. "XRP has shown high sensitivity to overall altcoin market dynamics," Enzersdorfer-Konrad told Cointelegraph. Recall that on July 23, the asset surpassed both Uber and BlackRock in terms of market capitalization. Analysts have predicted further growth for XRP, with targets set at $5 and $8.
The transfer of XRP to major exchanges has resulted in significant price drops for the token; however, opinions on XRP's future remain divided. Speculation and the forecasts of crypto analysts may influence the further perception and dynamics of this asset.
