XRP drops 17% as $175 million whale activity rattles market

XRP’s recent price turbulence has been closely tied to a flurry of large-scale token movements, including more than $175 million worth of XRP shifted by Ripple co-founder Chris Larsen.

The timing of these transfers—occurring between 17 July and 23 July—coincided with a sharp 17% price drop, taking XRP from a local high of $3.60 down to below $3.10.

Blockchain data shows that over 44 million XRP, valued at more than $140 million, was moved to Coinbase in the last 24 hours alone, signalling intense market activity.

Larsen-linked wallets moved 50 million XRP in July

Blockchain sleuth ZachXBT brought Larsen’s transfers to light on social platform X, identifying a total movement of 50 million XRP.

These transfers were broken down as follows: two addresses received 30 million XRP each, another wallet was sent 10 million XRP, and the remaining 10 million was split between two newly created wallets.

Over $140 million of the $175 million total was sent to centralised exchanges, prompting speculation that the transactions could lead to increased sell pressure on the token.

These movements have heightened scrutiny of Larsen’s holdings. Despite the recent transfers, he still holds over 2.81 billion XRP, worth around $8.4 billion.

That represents nearly 5% of XRP’s total circulating supply, placing significant influence in the hands of one individual.

Internal Coinbase movements indicate liquidity shifts

On 23 July, Whale Alert flagged a notable transfer of 16.8 million XRP—valued at $58.3 million—from an unidentified wallet to Coinbase.

Such inflows to exchanges typically suggest that a whale may be preparing to sell assets, which can depress market sentiment and trigger a decline in prices.

Within the same 24-hour period, over 44 million XRP (worth more than $140 million) was moved to Coinbase.

Analysis from XRPwallets shows that many of these large transfers appear to have occurred between Coinbase’s cold and exchange wallets.

Although these may be internal reallocations rather than third-party deposits, the movements reflect active liquidity management on the part of the exchange.

This could involve preparing XRP for institutional trades, client withdrawals, or other market operations.

Past whale transfers add to market pressure

This isn’t the first time whale activity has drawn attention in the XRP market.

Two recent transactions involving over 200 million XRP—valued at approximately $700 million—are believed to have originated from Ripple-owned wallets.

Although not directly linked to Larsen, these transfers contributed to a wave of speculation regarding XRP’s short-term trajectory.

As of the latest data, XRP is trading at $3.14, down 4.46% in the past 24 hours.

Technical analysts suggest this correction could either mark the end of a Wave 4 retracement or signal a potential dip to around $2.64 before an anticipated Wave 5 upward movement.

Source: CoinMarketCap

Despite short-term volatility, XRP’s broader bullish trend remains intact according to chart watchers.

While the reasons behind Larsen’s transfers remain speculative, the scale and concentration of XRP holdings have reignited concerns about market centralisation.

With nearly 5% of the entire XRP supply controlled by a single individual, traders and analysts continue to monitor whale activity as a key indicator of future price action.