XRP slipped from the last week’s record as a portfolio awarded to the co-founder of Ripple, Chris Larsen, made a number of large transactions.
Between July 17 and 24, the portfolio transferred 50 million XRP, worth around 175 million dollars. According to the blockchain analyst, Zachxbt, Zachxbt.
The transfer of tokens to an exchange is largely interpreted as an intention to liquidate assets for stages or other tokens because large quantities are generally not stored on trade for a long time.
The transactions occurred shortly after XRP hit a record of $ 3.64 before going back to around $ 3.
Neither Larsen nor Ripple publicly commented on the issue.
“The portfolios linked to Chris Larsen always hold more than 2.81 billion XRP (worth $ 8.4 billion),” noted Zachxbt. This represents around 4.6% of the total XRP market capitalization.
XRP is down more than 14% in last week, with most losses from a liquidation cascade Thursday which wiped out more than $ 105 million in long XRP positions, the second largest liquidation in Altcoin during an accident of $ 735 million on the cryptographic market.
Liquidations occurred while XRP dropped up to 10%, testing the support in the $ 3.06 area to $ 3.10 before price stabilization almost $ 3.08.
Despite the drop in prices, merchants and analysts target the $ 6 in the medium -term mark, as Coindesk reported it earlier this week.
