Overview

• Larsen transferred 9.5 million XRP (about $26 million) to Coinbase on July 17, coinciding with a price rally from $2.80 to an intraday high of $3.30
• This latest deposit is part of $344 million in XRP that Larsen has shifted to exchanges and external wallets so far in 2025
• On-chain data show the tokens entered both direct Coinbase addresses and intermediary wallets tied to Binance, but it remains unclear if they were sold
• The move echoes a January reactivation of wallets dormant for six years that sent $109 million in XRP to exchanges
• Larsen’s January 2024 hack via LastPass theft of 283 million XRP heightened scrutiny of his subsequent on-chain activity