XRP fell by more than 11% compared to its highest July 17 of $ 3.65 after the co-founder of Ripple Chris Larsen transferred 50 million XRP to several addresses.
Blockchain Sleuth Zachxbt said that around $ 140 million in these tokens landed on centralized exchanges or ramp outing services.
The graph shows a clear correlation on the chain with the drop in XRP prices
This decision triggered market volatility and a renewed examination of the founder -related portfolios.
According to data on the cryptochant chain, the activity of the Larsen portfolio increased between July 17 and July 24, coinciding with the XRP peak and the subsequent decline.
The cumulative balance of the portfolio has dropped considerably during this period.
Meanwhile, the price of XRP reacted quickly. Altcoin fell from its local summit nearly $ 3.65 to just under $ 3.25 before partially recover.
This trend echoes the behavior observed during previous market cycles. In particular, the 2017-2018 Bull Run, when the founder’s Wallet comes out of the flows aligned on the prices.
In addition, data on the chain show that the portfolios linked to Larsen always control more than 2.81 billion XRP. The balance is worth around $ 8.4 billion at current prices.
This creates a structural overhang for the token, especially if additional sales occur in the open markets.
The time of these transfers – a few days after the level of all time of XRP – suggests a deliberate for -profit strategy.
The 2012 agreement reveals the first XRP allocation details
Adding an additional context, a 2012 agreement between the founders of Ripple – Chris Larsen, Jed McCaleb and Arthur Britto – recently resurfaced on social networks.
The document confirms that Britto obtained 2% of all XRP (then called Ripple credits).
This also gave him life rights to develop on the Ripple protocol, without the approval of the company.
This agreement highlights the centralized distribution of XRP to creation. It also strengthens continuous concerns concerning the concentration of supply in the first initiates.
Initiated activity makes comparisons with market behavior 2018
The moment and the larsen transfers are significant. Channel cards show that the latest major outings of this portfolio occurred near the high history of XRP 2018.
This historical context adds weight to the concerns about the abolition of initiates priced.
However, the XRP market has shown resilience. Despite the sale, XRP remains one of the most efficient tokens with large capitalization this quarter.
While short -term sales pressure has triggered the recent diphe, technical indicators show a solid support almost $ 3. Traders are now watching for a confirmed rebound beyond the range of $ 3.40 to $ 3.50.
However, the feeling of the market can remain cautious due to the visible influence of the activity of the founders.
If future sales are sent via OTC or institutional offices, the impact can be attenuated.
With billions of supply always under the control of the founders, a future price action may depend on transparency and responsible management of these assets.
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