Ripple founder moves $26M XRP to Coinbase as price surges
Chris Larsen sends XRP to exchange near ATH
Ripple co-founder Chris Larsen has transferred $26 million worth of XRP to the U.S.-based crypto exchange Coinbase, as the cryptocurrency nears its all-time high.
On Thursday, July 17, XRP traded at $3.39 — less than 50 cents below its 2018 all-time high of $3.84. Most analysts are confident in XRP’s upward momentum.
As such, Larsen’s transactions to Coinbase drew attention, as they were likely made to sell at peak prices.
According to Decrypt, on Tuesday, July 15, Larsen sent four batches of 2 million XRP each (totaling $26M) to Coinbase, followed by seven more transfers ranging from 1.25M to 2M XRP on Thursday — valued around $42M. Most transfers went to the same address, likely intended for sale.
Better to sell high
According to CoinMarketCap, XRP has risen 32% over the past week — including an 8%+ surge on July 17 alone.
XRP price dynamics for 30 days. Source: CoinMarketCap
CoinGlass data shows open interest in XRP has exceeded $10 billion, a record level. Yet the spike caught many traders off guard — $53.6 million in positions were liquidated in the past 24 hours, most of them shorts.
At press time, XRP traded at $3.35. Notably, 85% of users on Myriad (Decrypt’s parent company) believe XRP’s next move will be toward $3.50, not a pullback to the $2 level seen late last month.
As we wrote, XRP price prediction: Breakout above $3.2 gains momentum ahead of ETF launch
