According to an on-chain analyst, Ripple co-founder Chris Larsen has reportedly pocketed over $764 million in profits from XRP (XRP) sales since 2018, raising concerns among investors.
The executive’s latest sale this week marked his biggest one yet. It came amid a volatile time for XRP, which has been hit hard in October, one of its historically weakest months.
SponsoredRipple Co-Founder Larsen’s XRP Sales Show a Clear Pattern
In a recent post on X (formerly Twitter), CryptoQuant’s community analyst Maartun highlighted that on October 20, Larsen sold 50 million XRP worth around $120 million. This represented his largest XRP sale to date.
However, further data revealed that the transaction was linked to Evernorth. BeInCrypto reported that earlier this week, the firm announced plans to go public and raise $1 billion to launch an XRP-focused digital asset treasury.
Evernorth also listed Larsen among its investors. Furthermore, the executive confirmed later that the 50 million XRP were directed to the initiative.
“Evernorth fills the missing link today in XRP capital markets, and XRP usage in DeFi products. I’m proud to invest 50 million XRP in the firm (you may see some wallet movement on this),” he posted.
Still, Maartun noted that even though the transaction was tied to Evernorth, Larsen’s repeated selling pattern remains a cause for concern. His disclosure revealed a cyclical strategy, with Larsen frequently offloading holdings near local highs.
Sponsored“Chris Larsen (Ripple co-founder) has realized $764,209,610.42 (!!) in profits since January 2018,” the analyst stressed.
Earlier this year, blockchain investigator ZachXBT flagged a similar incident. He revealed that between July 17 and July 24, an address tied to Larsen moved 50 million XRP—worth $175 million.
Sponsored“$140 million ended up at exchanges/services. ~$35 million received to two new addresses,” the crypto slueth noted.
Will XRP Make a Comeback in November?
Meanwhile, XRP has continued to face market headwinds. Historically, October has been one of XRP’s weakest months. While analysts had expected potential ETF approvals to offset the usual bearish seasonality, the ongoing US government shutdown has dampened those expectations.
Furthermore, the altcoin experienced one of its worst drops during the ‘Crypto Black Friday’ crash and fell to its lowest level since November 2024.
Persistent profit-taking has intensified weakness. BeInCrypto highlighted that wallets with over 1 billion XRP have sold more than 1.09 billion tokens (about $2.6 billion). Moreover, long-term holders’ net outflows have surged to 220%.
BeInCrypto Markets data showed that XRP has dipped nearly 16% over the past month. Still, the altcoin has gained 1.37% over the past day, bringing it to trade at $2.41.
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Notably, technical signals and seasonal patterns indicate a potentially bullish outlook ahead. An analyst stated that XRP is nearing the end of its downtrend and could soon start a strong rally.
According to his analysis, technical indicators (MACD, SRSI, and channel support) suggest that momentum might turn bullish. He projected that the altcoin could possibly target $5.
“XRP is showing signs of a bullish reversal on the horizon. Channel support awaits below, with HLs on the weekly MACD, and SRSI levels in oversold territory,” he wrote.
Seasonality also supports a positive outlook for XRP. November has historically been XRP’s strongest month, with average returns of around 88%. Thus, the predictions of a potential bull rally may not be far-fetched.
