A crypto wallet belonging to Chris Larsen, one of Ripple’s co-founders, sent $26 million worth of XRP to Coinbase on Tuesday as the asset soared to its highest price in more than seven months.
It’s not clear if Larsen sold the XRP. Yet there’s little other reason to send funds to centralised exchanges like Coinbase.
It follows dozens of transactions from the same wallet, which has sent a total of 106 million XRP currently worth $344 million to centralised exchanges and auxiliary wallets since the start of the year.
The moves come as XRP soars following a broad crypto rally punctuated by Bitcoin hitting an all-time high of $122,838 on July 14.
XRP is among the top gaining crypto assets over the past week, jumping 32% to $3.25.
The asset is now just 3.8% away from surpassing its all-time high price of $3.40 set in January 2018.