Ripple has recorded a massive on-chain transaction involving co-founder Chris Larsen, who moved over $120 million worth of XRP.
Blockchain data shows that Larsen transferred 50 million XRP, worth approximately $123.8 million, to an unknown wallet, according to Whale Alert’s insights on October 20.
The transfer, completed in under an hour, marks Larsen’s first major XRP movement since July. Notably, between July 17 and 23, 2025, he moved $175 million XRP, with about 140 million landing on exchange platforms. At the time, the impact on XRP remained muted, as the asset traded above $3.
Why Larsen transferred XRP
While the initial transfer of the tokens was unknown, Larsen later confirmed on X that the tokens were part of an investment in Evernorth, a Ripple-backed firm that recently announced a $1 billion Nasdaq SPAC merger.
Evernorth, supported by Ripple, SBI Holdings, and Armada Acquisition Corp II, aims to build the largest public XRP treasury and create a regulated investment vehicle to facilitate institutional exposure to the cryptocurrency.
The company is expected to raise $1 billion in gross proceeds, with $200 million already committed by Ripple affiliates and partners.
Larsen congratulated the Evernorth team, describing the firm as “the missing link in XRP capital markets” and emphasizing its role in expanding XRP’s use within decentralized finance.
However, the move has revived long-standing tensions between Ripple insiders’ market activity and investor confidence.
With Larsen still holding 2.58 billion XRP valued at about $8.8 billion, analysts remain divided over whether the transfer signals bullish institutional positioning or a prudent hedge before potential volatility.
XRP price analysis
Following the latest move, XRP price has not shown any significant movement, as the asset is trading in tandem with broader market sentiment. By press time, XRP was valued at $2.41, having plunged over 2% in the past 24 hours, while on the weekly timeline, the token is down 2.3%.
Indeed, XRP’s current correction aligns with the broader market sentiment, which has erased recent gains. Now, the most important resistance for XRP remains the $2.50 mark, which is central to sustaining any hopes of the asset reclaiming $3.
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