XRP slipped from last week’s record high when a wallet attributed to Ripple co-founder Chris Larsen made a number of major transactions.
Between July 17 and July 24, the wallet transferred 50 million XRP worth approx. $ 175 million. About $ 140 million of it was addressed to centralized exchanges, according to blockchain analyst Zachxbt.
The transfer of tokens to an exchange is widely interpreted as an intention to liquidate stocks to stableecoins or other tokens because large quantities are not usually stored on exchanges for a long time.
The transactions happened shortly after XRP touched a record $ 3.64 before withdrawing to about $ 3.
Neither Larsen nor Ripple have commented on the matter in public.
“Wallets attached to Chris Larsen still hold over 2.81 billion XRP (worth $ 8.4 billion),” Zachxbt noted. It represents approx. 4.6% of XRP’s total market hood.
The XRP is down to over 14% in the last week, with most of the losses from a liquidation cascade on Thursday, wiping out over $ 105 million in XRP long positions, the second largest altcoin liquidation under a $ 735 million crypto market accident.
The liquidations came when the XRP fell as much as 10%and tested support in $ 3.06- $ 3.10 zone before the price stabilized near $ 3.08.
Despite the fall in prices, dealers and analysts are targeting the $ 6 mark in the medium term, as Coindesk reported earlier this week.
