XRP slipped from the last week record high, as Ripple co-founder Chris Larsen made several major transactions.
Between 17 July and 24 July, Wallet transferred 50 million XRP, priced at $ 175 million. According to the blockchain analyst Zachxbt, some were directed for some $ 140 million centralized exchanges.
Transferring tokens into an exchange is widely interpreted as the intentions to liquid the holdings for stabechoin or other tokens because large amounts are usually not stored on prolonged exchanges.
The XRP transacted after the XRP touched the record $ 3.64 before the XRP pulled back to about $ 3.
Neither Larsen nor Ripple publicly commented on the matter.
Zachxbt said, “The wallets associated with Chris Larsen are still more than 2.81 billion XRP (priced of $ 8.4 billion).” This represents about 4.6% of the total market cap of XRP.
XRP is more than 14% in the last week, with bulk of damage coming from a liquidity cascade on Thursday, which was eliminated more than $ 105 million in XRP long positions, the second largest altcoin liberation during the $ 735 million crypto market accident.
The liquidation came when the XRP AS10%dropped, $ 3.06- $ 3.10 before the tested support $ 3.08 near the stable price near $ 3.08.
Despite the price fall, traders and analysts are targeting a $ 6 mark in the medium period, as CONDESK stated early this week.
