Analysts claim that within just one hour, Larsen either sold or transferred about 50 million XRP, while the cryptocurrency itself has been under noticeable market pressure in recent weeks.

For some market participants, such activity recalls earlier phases when insider sales coincided with local price peaks. On-chain analyst J. A. Maartunn commented on X (formerly Twitter):

“Still buying the hype? He’s cashing out. You’re holding the bag.”

However, some experts believe Larsen may not have sold the tokens in the traditional sense.

According to industry sources, the transfers may be related to the new Evernorth Treasury initiative — a public entity aiming to raise up to $1 billion to purchase and hold XRP for the long term. Larsen himself previously announced he would contribute 50 million XRP to the fund.

At the time of writing, XRP — the fifth-largest cryptocurrency by market capitalization — trades around $2.43, more than 33% below its July all-time high of $3.65.

Both Larsen and Ripple CEO Brad Garlinghouse have faced repeated criticism for large-scale token sales. In its lawsuit, the U.S. SEC alleged that between 2017 and 2020, Larsen and his wife sold roughly $450 million worth of XRP, while Garlinghouse personally realized about $150 million.