Ripple Co-founder’s XRP Transfers to Coinbase Spark Market Volatility

Recent activity from one of Ripple's co-founders has sent ripples through the XRP market. Chris Larsen, a key figure in the creation of Ripple, has moved nearly 60 million XRP tokens to various exchanges since mid-July, with transactions originating from a wallet suspected to be his. The wallet still contains a staggering 282.49 million XRP, valued at approximately $897 million, leaving market participants wary of potential future transfers. The transactions began with a small test transfer to Coinbase before escalating into larger movements, coinciding with significant price volatility for XRP. The cryptocurrency initially saw a surge to near all-time highs above $3.60 on July 17, only to experience a 13% drop shortly after the wallet activity became public. This development has raised questions about the potential impact of large-scale movements by project founders on cryptocurrency markets and investor confidence.

Ripple Co-founder's XRP Wallet Activity Sparks Market Concerns

Chris Larsen, co-founder of Ripple, has transferred nearly 60 million XRP tokens to exchanges since July 15, with the wallet still holding 282.49 million XRP valued at $897 million. The movements, originating from one of eight suspected Larsen wallets, began with a test transaction to Coinbase before escalating to larger transfers.

XRP's price surged to NEAR all-time highs above $3.60 on July 17 but dropped 13% following the sales. Analysts warn these transfers may represent just the beginning of selling pressure, as Larsen's combined wallets hold 2.58 billion XRP worth $8.21 billion.

The transactions were first flagged by onchain investigator ZachXBT, who noted $140 million worth of XRP had reached exchanges since July. Market participants are monitoring whether these movements signal a broader distribution strategy that could impact XRP's price stability.

Ark Invest Increases Crypto Exposure with $20M BitMine Purchase, Trims Block Inc. Stake

Ark Invest has deepened its commitment to cryptocurrency infrastructure with a $20 million purchase of BitMine shares, building on last week's $182 million investment. The MOVE signals growing institutional confidence in blockchain-based treasury strategies, particularly BitMine's Ether-focused approach.

Concurrently, Ark sold $15 million worth of Block Inc. shares as part of a strategic portfolio rebalance. The firm also reduced positions in Robinhood and Coinbase, reflecting a calculated shift toward emerging crypto infrastructure plays over traditional fintech holdings.

These transactions underscore a broader trend of institutional investors reallocating capital between established financial technology names and next-generation crypto assets. "When the tide rises, we want to be positioned where the water's deepest," said an Ark spokesperson, quoting Warren Buffett's famous investment philosophy.