450M XRP Sold Amid Chris Larsen Wallet Moves — Will $3.21 Breakout Spark Recovery?

Sean Williams
Ripple XRP

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Key Takeaways:

  • Chris Larsen’s $170M XRP transfer triggered panic and sell-offs totaling over $2.8B in the past week.
  • XRP price hovers around $3, with critical support at $3.04 and resistance between $3.18–$3.25.
  • Despite short-term pressure, XRP is up 220% in 2025, making it one of the year’s strongest altcoin performers.

Ripple’s native token, XRP, is under fresh bearish pressure following large-scale token transfers by Ripple co-founder Chris Larsen. Blockchain data confirms that Larsen moved 50 million XRP, valued at approximately $170 million, starting July 17. The timing has triggered renewed investor concern and intensified market volatility.

Chris Larsen Transfers Spark Panic

The transferred XRP was distributed across four wallets. Two of them, receiving 30 million and 10 million XRP, appear to be linked to crypto exchanges or custodial services. The remaining 10 million XRP was split between two newly created wallets, likely for unknown storage or redistribution purposes.

Adding to the unease, $26 million worth of XRP was sent to Coinbase just days later. This movement was flagged by blockchain tracking service Whale Alert, with one transfer alone amounting to over 27 million XRP ($85 million). Though Larsen hasn’t issued a public statement regarding the motive behind these transfers, the sheer size and proximity to major exchanges have traders spooked.

Over $2.8 Billion in XRP Sold in a Week

The market reaction has been swift. In the past week alone, over 450 million XRP has been sold, worth more than $2.8 billion. This wave of selling reflects investor doubt about the token’s short-term prospects. XRP is currently trading around $3, facing major resistance between $3.18 and $3.25. If the price fails to break above this range, more downside pressure could follow.

XRP Price Chart - CMC Data
Source: CMC Data

Key Support Holding at $3.04

Despite the turbulence, XRP bounced from the $3.04 level, which has historically served as a support zone. According to Elliott Wave Theory, this level could act as a foundation for a recovery if it holds.

Also Read: Ripple Issues Urgent Alert as Scammers Hijack YouTube Channels to Defraud XRP Users

On the technical side, Relative Strength Index (RSI) readings on shorter timeframes suggest that bearish momentum may be waning. A close above $3.21 could signal the beginning of a new upward trend, while another failure could result in a retest of $3.04 or even lower.

Even with the current correction, XRP remains one of the top-performing cryptocurrencies of 2025, boasting a 220% year-to-date gain. Its current market cap stands around $185 million. While the ongoing SEC lawsuit remains a long-term risk factor, overall institutional and retail interest in XRP remains robust.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses

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