Ripple co-founder moves large amounts of XRP, transferring approximately $140 million worth to exchanges in the past week

On-chain analyst ZachXBT has been tracking Ripple-related wallet movements since July 17 and has discovered interesting transfer patterns. It has been revealed that over the past week, 50 million XRP have been drained from a specific wallet with a long-standing relationship with Chris Larsen.

Large-Scale Outflows Indicated by Consecutive Transfers

Looking at the breakdown of the transferred XRP, approximately $140 million worth of funds are concentrated in three Ripple-related addresses. Furthermore, it is noteworthy that 10 million XRP were also sent to two newly created wallets. The transfer patterns between these wallets suggest intentions of asset diversification or liquidity management.

The current XRP price is $2.05, down 4.21% over the past 7 days, and the market is closely watching the movements of large holders.

Still Holding Enormous Assets

Meanwhile, the main address managed by Chris Larsen still holds about 2.81 billion XRP (estimated at $9 billion). This level of holdings serves as an indicator of trust in Ripple and is being closely monitored by market participants.

Historical Context of SEC Issues

These outflow trends should be interpreted within the context of the ongoing legal dispute between the SEC and Ripple since 2020. The U.S. Securities and Exchange Commission pointed out that CEO Brad Garlinghouse personally cashed out approximately $150 million worth of XRP over three years. Additionally, it is stated that Chris Larsen and his spouse sold about $450 million worth of XRP between 2017 and 2020, indicating a phased asset management approach by large holders since that period.

The current XRP outflow activity can be viewed as a strategic position adjustment in response to changing regulatory environments.