The cryptocurrency XRP remains in the spotlight despite recent declines. The sale of over 100 million tokens by Chris Larsen has raised new concerns in the market.
Larsen's XRP Sale
Chris Larsen, co-founder of Ripple, sold over 100 million XRP tokens, valued at about $200 million. This sale occurred during a price drop of nearly 20%, reaching $3.18. While some view this as a normal practice, analysts warn that large-scale selling can exacerbate price drops.
How Sales Impact the Market
Larsen still holds a massive 2.58 billion XRP, worth about $7.9 billion. Experts like J.A. Maartun from CryptoQuant believe that more sales may be forthcoming. This raises concerns about the influence of major holders on XRP's price action. Analysts tracked about $140 million of that going through centralized platforms, often a signal of forthcoming sales.
XRP Prospects Amid Sales
Despite criticisms linking founder sales to recent price weakness, some analysts point to broader macroeconomic factors, particularly regulatory uncertainties. Technical indicators show support near $2.25 to $3.00, with XRP consolidating around $3.10-$3.16, suggesting potential upward movement. Institutional activity remains steady, supporting interest in XRP.
Chris Larsen's significant sale of XRP has sparked discussions about market volatility and future prospects. Market participants are focused on how events will unfold and whether this will affect price levels moving forward.
