After Ripple's co-founder "cashed out" 50 million XRP, he still holds nearly 2.6 billion XRP, raising concerns about selling pressure.

Ripple co-founder Chris Larsen associated wallet transferred 50 million XRP to the exchange, raising concerns among XRP investors about a potential larger-scale dumping pressure. This transfer occurred after the XRP price briefly surged to around $3.60, a historic high, on July 17. Currently, the XRP price has fallen to $3.18, with a pullback of 13%. Amid increasing macro market uncertainty and significant fluctuations in Bitcoin, Larsen still holds over 2.5 billion XRP, and the market is closely following his subsequent actions and the potential impact on the price.

Larsen's transfer raises market alert XRP experienced a significant short-term pullback after recently reaching a high of $3.60, while wallets associated with Chris Larsen transferred 50 million XRP to the exchange near the peak, sparking widespread discussion. Some investors believe this is a normal profit-taking operation, but there are also voices pointing out that this could be a precursor to a larger dumping wave.

Analyst J.A. Maartunn from the on-chain analysis platform CryptoQuant issued a warning on platform X, reminding XRP holders to be cautious of "dumping." He pointed out that although the transaction amount is large, it is merely the "tip of the iceberg" compared to the 2.58 billion XRP (valued at approximately $8.83 billion) currently held by Larsen.

Maartunn wrote: "If this 200 million dollars is just a warm-up... then what's next?" and advised traders to "protect themselves and not be the bag holders."

Macroeconomic fluctuations amplify market panic The fall of XRP occurred at a time when the entire cryptocurrency market was facing large-scale selling pressure. Bitcoin briefly dropped to $114,500 due to a wallet suddenly transferring 80,000 BTC after being inactive for 14 years.

The transaction was handled by Galaxy Digital, directly triggering over $500 million in liquidations within 24 hours. According to CoinGlass data, this has exacerbated the overall panic in the market and amplified investors' concerns about the internal selling pressure on XRP.

XRP perpetual contract open interest hits a new high Despite the pullback in spot prices, the XRP derivatives market has shown strong trading enthusiasm. According to CoinGlass data, the notional open interest of XRP perpetual contracts reached a historical high of 8.8 billion USD last week, equivalent to approximately 2.9 billion XRP.

This data broke the historical record of 8.3 billion US dollars set at the end of January, when market expectations peaked as Trump began his second term.

The funding rates of multiple exchanges have turned positive and continue to rise, indicating that bulls are willing to pay fees to maintain leveraged positions, reflecting that the market's bullish sentiment towards XRP has not completely faded.

Growth of Whale Wallets, Trend of Centralization in XRP Distribution Evident The changes in the XRP holding structure are also worth following. Data shows that the number of wallets holding over 1 million XRP has reached a historical high. These large wallets control over 4.732 billion XRP, which is a significant proportion, reinforcing the market's attention to the movements of large holders.

Ripple CEO Brad Garlinghouse stated last month that the company will withdraw its cross-appeal against the U.S. Securities and Exchange Commission (SEC), and it is expected that the SEC will also withdraw its own appeal. This temporarily puts an end to the legal conflict between Ripple and the regulators, which may help boost market confidence.

Conclusion XRP is currently facing dual pressure from both internal and external factors: on one hand, there are concerns about large holders selling pressure due to the transfer actions of Ripple's founder, and on the other hand, there is the intensified emotional turbulence in the entire crypto market caused by Bitcoin fluctuations and changes in the macro environment. Although derivative data and institutional trends indicate that there is still supportive strength in the market, the risk of increased short-term volatility cannot be ignored. Crypto investors need to be vigilant about potential distribution behaviors and follow on-chain data and market sentiment turning points.