XRP News Today: Ripple Co-Founder Transfers $26 Million XRP to Coinbase as Price Nears All-Time High

Ripple co-founder and Executive Chairman Chris Larsen has transferred $26 million worth of XRP to Coinbase. This transaction, which occurred on July 15, involved several outgoing transactions from Larsen's wallet, totaling over 8 million XRP. The move comes as XRP approaches its all-time high, which was set in January 2018 at $3.40. Currently, XRP is trading at $3.25, just 3.8% away from surpassing its previous peak.

Larsen's actions are part of a larger trend of transferring XRP to centralized exchanges. Since the beginning of the year, Larsen has moved a total of 106 million XRP, valued at $344 million, to various exchanges and auxiliary wallets. While it is unclear whether Larsen has sold the XRP, transferring funds to centralized exchanges typically indicates an intention to sell.

The recent surge in XRP's price is part of a broader cryptocurrency rally. XRP has been one of the top-performing cryptocurrencies over the past week, with a 32% increase in value. This rally has been driven by increased investor interest and Ripple's recent business moves, such as applying for a US National Trust Bank charter and the potential approval of an XRP exchange-traded fund.

Larsen, an American business executive and angel investor, co-founded Ripple in 2013. Ripple was established to facilitate blockchain-supported cross-border payments. Although Larsen stepped down as Ripple's CEO in December 2016, he remains the company's executive chairman. Larsen's crypto wallets hold approximately 2.6 billion XRP, with a market value of $8.3 billion. Larsen has used his wealth to support various political causes, including donating $1 million worth of XRP to a super PAC backing Vice President Kamala Harris' presidential campaign in October 2024.

Ripple's recent success has significantly boosted Larsen's net worth, which is estimated to be $9.7 billion, up from $3.2 billion last year. The company's strategic moves, such as applying for a US National Trust Bank charter and the potential approval of an XRP exchange-traded fund, have contributed to the increased investor interest and the rising price of XRP. Additionally, Webus International, a firm listed on the Nasdaq, announced plans to build a $300 million XRP treasury in June. Ripple's decision to drop an appeal in its legal battle with the Securities and Exchange Commission over XRP's status as a security is also expected to clear the way for the approval of an XRP exchange-traded fund.