Crypto Community Accuses Ripple Co-Founder Chris Larsen of Dumping XRP

Blockchain detective ZachXBT has reported that Ripple co-founder Chris Larsen sent approximately $140 million worth of XRP to exchanges. According to CoinGecko, the token’s price has fallen by almost 9% over the past 24 hours.

On July 17, Larsen transferred $30 million in XRP to Coinbase when the altcoin was trading near its all-time high (ATH) of $3.65. Over the next few days, he sent an additional $110 million worth of XRP to the exchange.

At the time of writing, the price had decreased to $3.13.

The crypto community speculated that Larsen was preparing to sell XRP and accused him of dumping the cryptocurrency. “It's a real man to screw over his autistic fans with a sale,” wrote a user named Retro. ZachXBT replied jokingly, “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.

What Will Happen to the Price of XRP?

Bitpanda Deputy CEO Lucas Enzersdorfer-Konrad believes that XRP still has a chance to surpass its 2018 price record of $3.84. According to him, the token’s future price movements depend primarily 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.

Recall that on July 23, the asset surpassed both Uber and BlackRock in terms of market capitalization. Analysts have predicted further growth for XRP. According to a trader known as Mikybull Crypto, the cryptocurrency’s next targets are $5 and $8.