Ripple cofounder and executive chairman Chris Larsen has reignited market speculation after moving $26 million worth of XRP to Coinbase. According to crypto reporter Wu Blockchain, Larsen executed the transfer from his personal wallet earlier this week. This high-value transaction immediately drew attention across the crypto community, with many questioning the motive behind the move whether to sell or reposition the funds.
Although no confirmation has emerged regarding a sale, the transfer to Coinbase a centralized exchange has fueled concerns over possible selling pressure. Large transactions from high-profile executives often influence market sentiment, especially during volatile periods. Traders and analysts have started to weigh the potential impact of such a move amid XRP’s ongoing bullish run.
Larsen Wallet Activity Surges in 2025
This isn’t Larsen’s first major transaction in 2025. Since January, his wallet has transferred nearly 106 million XRP valued at approximately $344 million to various exchanges and auxiliary wallets. This pattern of activity has added to investor unease, especially as XRP approaches critical resistance levels.
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Despite concerns, XRP continues to gain momentum. On Wednesday, the token briefly surged to $3.30 during Asian trading hours, inching within 4% of its all-time high of $3.40 set in 2018. Bullish sentiment dominates the market, particularly in futures trading. Open interest in XRP futures has now hit $9.98 billion the highest level seen since 2021 as traders increase their long positions.
Whale Accumulation and ETF Hopes Drive Optimism
Further supporting the bullish case, on-chain data provided by analyst Ali reveals that whales have accumulated over 2.2 billion XRP in just two weeks. Meanwhile, anticipation is mounting for the ProShares XRP Futures ETF, scheduled for launch on July 18. This event could further legitimize XRP’s position and attract fresh institutional capital.
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While Chris Larsen’s transfer of 26 million XRP to Coinbase introduces some short-term uncertainty, market dynamics remain bullish. Strong whale accumulation, rising futures interest, and ETF expectations continue to support upward momentum. Nonetheless, traders will be closely watching any follow-up transactions from Larsen’s wallet as XRP edges closer to new all-time highs.
