Onchain data reveals that a wallet widely believed to belong to Ripple co-founder Chris Larsen has transferred nearly 60 million XRP since July 15. Despite the flurry of activity, the wallet—labeled Wallet 5 on XRPScan—still holds 282.49 million XRP, currently valued at approximately $897 million. The movements have drawn attention from crypto analysts and raised questions about Larsen's intentions.
Eight Wallets and Wallet 5's Activity
According to XRPScan, eight XRP wallets suspected to be tied to Larsen are tagged 1 through 8. Wallets 1 to 4 each hold slightly more than 500 million XRP and have never made an outbound transfer. Wallet 5 holds 282.49 million, Wallet 6 holds 300.18 million, Wallet 7 holds a negligible 21.79 XRP, and Wallet 8 holds 1,000,009 XRP. The activity began on July 15 when Wallet 5 initiated a small test transaction of 1.6 XRP to Coinbase, followed by four separate transfers of 2 million XRP each to the same exchange.
Onchain detective ZachXBT first highlighted the large transfers on Thursday, noting that “$140M ended up at exchanges/services” since July 17. Other addresses, including one labeled “rHtLaipqqfbhg,” also received XRP and may be linked to an exchange, OTC desk, or institutional entity. Collectively, Larsen's eight wallets still hold 2.58 billion XRP, worth approximately $8.21 billion.
Historical Context: Hacks and Previous Moves
Wallet 5 had previous activity as well. For example, on June 16, it sent 1.5 million XRP to Coinbase. In June, the wallet sent substantial XRP to multiple destinations, including “rHtLaipqqfbhg.” It's well known that Ripple's co-founders accumulated vast reserves of XRP. While Jed McCaleb is believed to have liquidated most of his early holdings, Larsen suffered a wallet hack on Jan. 30, 2024, which drained approximately 213 million XRP—linked to the 2022 Lastpass security breach.
What Does This Mean for XRP?
Underneath the surface, Larsen's recent activity poses a deeper question: are these strategic reallocations, exchange-bound liquidations, or signals of something more calculated? The crypto community is closely watching whether these transfers will impact XRP's price or signal a shift in Ripple insiders' sentiment. As of now, XRP has not shown significant volatility, but the sheer volume of movement keeps traders on edge.