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- Across eight wallets believed to be linked to him, Ripple co-founder Chris Larsen still holds a total of 2.58 billion XRP valued at $8.21 billion.
- XRP price has rebounded as analysts, including Javon Marks, see a bullish setup, with a near-term target of $4.804 and a potential upside to $7.138 if resistance breaks.
Ripple co-founder Chris Larsen has been in the news recently for moving a massive stash of 60 million XRP, worth a staggering $175 million, last week.
The XRP price has seen some volatility over the past week; however, it has rebounded by nearly 10% from the support levels of $3.0.
Ripple Co-Founder Wallet Moves 60M XRP, Still Holds $897M
On-chain data indicates that a wallet believed to belong to Ripple co-founder Chris Larsen has moved nearly 60 million XRP since July 15, as mentioned in our previous news article. Despite the transfers, the wallet still retains a significant balance of 282.49 million XRP, worth approximately $897 million at current prices.
According to xrpscan.com, eight wallets suspected to be associated with Larsen are tagged 1 through 8. Wallets 1–4 each hold over 500 million XRP and have never initiated any outbound transactions. Wallet 5, which holds 282.49 million XRP, has been the source of the recent movement activity.
\Wallet 6 holds 300.18 million XRP, while wallet 7 contains only 21.79 XRP. Wallet 8 holds 1,000,009 XRP.
Collectively, the eight XRP wallets linked to Ripple co-founder Chris Larsen continue to hold approximately 2.58 billion XRP, valued at around $8.21 billion. While wallets 5 and 6 previously held balances near the 500 million mark, both have experienced substantial outflows in recent months.
Wallets 6 through 8 have remained largely inactive, whereas wallet 5 has shown signs of movement. Notably, 1.5 million XRP was transferred to Coinbase on June 16, signaling prior activity before the recent wave of transactions.
Ripple co-founders have been selling their holdings periodically over time. Just before the SEC lawsuit began back in December 2020, another co-founder, Jed McCaleb, sold 266 million XRP for $148 million on December 9, 2020. Had he held onto that amount instead, its value today would be approximately $940 million.
XRP Price Eyes Strong Upside
The XRP price is gearing up for a major upside after absorbing the selling pressure coming from the Ripple co-founder. Popular crypto analyst Javon Marks reported a bullish outlook for XRP, stating that the token is holding well above the $2.47 mark, a key technical support.
With this level now acting as support, Marks says the next price target stands at $4.804, suggesting a potential 44% upside from current levels. According to Marks, a successful breakout above $4.804 could set the stage for a further rally, with the next major target at $7.138. Additionally, massive whale buying could push the Ripple cryptocurrency higher, as reported by CNF.
Another analyst, Dark Defender, stated that the XRP cooling period is about to end very soon. The analyst wrote:
XRP is targeting $117 by surpassing Wave 3 targets of $13.13, $18.22, and $36.76. (Not Financial Advice). Considering the historical pattern and Wave structure, XRP is about to turn all haters into lovers.
All eyes are on the approval of spot XRP ETFs, which will set the stage for further upside from here. Investors are hopeful of an SEC approval coming by the year-end.
