Larry David’s Take on Ripple’s $175M XRP Move and Market Drama!

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Key Takeaways

So, during the recent bull run, the Ripple co-founder decided to sell off millions of XRP as the token hit a new all-time high. 🤔 Not exactly the best PR move, right? And guess what? The market-wide correction sent XRP down 15% from where it was a week ago. Classic timing, if you ask me.

Ripple [XRP] hit a new all-time high of $3.65 on July 18th, according to Coingecko. This pushed the altcoin’s market cap to a whopping $215.2 billion. 🤑

But while everyone was celebrating, Ripple co-founder Chris Larsen was quietly cashing out. 🕵️‍♂️

According to crypto sleuth ZachXBT, an address linked to Larsen moved 50 million XRP (worth about $175 million) since July 17th. That’s like selling your house, car, and pet goldfish all at once. 😂

The transfers went to three exchange-connected recipients and two freshly created wallets. It’s like he’s trying to hide his tracks, but really, he’s just making it more obvious. 🙄

As the token neared its all-time high, Larsen was seen transferring $30 million worth of XRP to Coinbase, probably to sell. Timing is everything, isn’t it? 🕒

The recent pullback in the crypto market only added to the bearish short-term pressure on XRP. It’s like the market said, “Thanks, but no thanks.” 👋

In a post on CryptoQuant Insights, analyst Darkfost pointed out that the long liquidations were through the roof on Binance. On July 23rd, XRP took a 10.3% dip. That’s a lot of red. 🔴

This caused a wave of long liquidations, wiping out nearly $7.3 million worth of long positions. Ouch! 💥

Rising exchange reserves and their implications

AMBCrypto reported that the Exchange Reserve of XRP has been climbing since May. Data from CryptoQuant showed that XRP reserves rose from 2.75 billion on May 6th to 2.98 billion on July 24th. 📈

A rising exchange reserve usually means a distribution phase, but this time, it coincided with an all-time high. Talk about mixed signals! 🤷‍♂️

The bullish momentum in July sent the estimated leverage ratio soaring. But the liquidations over the past 24 hours have brought derivatives traders back to reality. 🌍

CoinGlass data revealed that $25.33 million worth of positions were liquidated in 24 hours, with $16.42 million in long positions. It’s like a rollercoaster ride, but with more drama. 🎢

Overall, the co-founder’s selling and the market-wide correction have led to a short-term retracement on XRP. But hey, the $2.9-$3 range remains a strong demand zone and psychological support. So, XRP might just chill out around $3 for a bit before making another move. 🏝️

This would give both the derivatives and spot markets some time to cool off. Maybe they’ll even take a nap. 😴

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2025-07-25 14:20