Legal expert Bill Morgan has clarified that Ripple Chairman Chris Larsen once held significantly more XRP when it traded below one cent.
His comment seeks to counter claims that his recent 50 million XRP transfer was a sell-off.
Indeed, Larsen’s 50 million XRP transaction continues to stir discussions across the community.
It began after CryptoQuant analyst Maartunn suggested that Larsen was offloading his holdings onto retail investors, describing it as a “cash-out” while ordinary holders “held the bag.”
The transaction, worth around $120 million, reignited long-standing concerns about insider sales and their potential impact on XRP’s price.
However, the XRP community quickly moved to clarify the motive behind the transfer.
Legal expert Bill Morgan noted that the funds were not sold on the open market but were instead “cashed straight into Evernorth,” the newly launched XRP treasury company.
Larsen’s XRP Move Was an Investment, Not a Dump
Evernorth aims to raise $1 billion in gross proceeds, backed by Ripple and SBI Holdings.
The company intends to purchase and hold XRP as part of its treasury operations.
Larsen’s 50 million XRP transfer was part of this commitment.
He had previously informed the community that the large on-chain movement would appear as a transfer from his wallet but was, in fact, an investment into Evernorth’s treasury initiative.
Despite this clarification, Maartunn persisted in framing the move as a sell-off.
In response, Bill Morgan pointed out that Larsen “might hold an XRP bag for a while,” emphasizing the long-term nature of the investment.
“He Held More XRP 10 Years Ago, When It Was Under a Cent”
Meanwhile, other critical voices in the crypto community accused Larsen of giving away an asset “he got for free.”
X user Elephant, who shares this view, went further to argue that the investment “won’t help XRP’s price.”
To this, Morgan replied that skeptics made similar claims a decade ago, when Larsen held even more XRP and the token traded below one cent.
His remark highlighted the contrast between XRP’s significant price increase over the years and the decline in Larsen’s holdings, reducing the weight of the “dumping” narrative often directed at him.
I’m sure someone bookmarked a post like this 10 years ago when Larsen held more XRP than he does now and XRP was under one cent.
But if you insist https://t.co/UuskeseMIc
— bill morgan (@Belisarius2020) October 20, 2025
Blockchain data supports this history.
In September 2024, it was reported that Larsen had moved XRP for the first time from a wallet untouched since 2013.
As of July 24, 2025, Larsen held 2.81 billion XRP.
As of today, XRPScan data shows that six of his wallets contain 2.53 billion XRP.
For context, each of these wallets initially received an allocation of 500 million XRP in 2013.
In other words, Larsen held at least 3 billion XRP 12 years ago, when XRP traded around $0.0055.
At that time, his holdings were worth approximately $16.57 million.
Today, despite the reduced balance, the combined value exceeds $5 billion, highlighting XRP’s remarkable price growth over the years.
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Larsen’s XRP holdings | XRPScan
Analysts Say Larsen’s Sales Don’t Threaten XRP’s Price
Meanwhile, the broader XRP community appears unfazed by the recurring discussions surrounding Larsen’s transactions.
Analysts such as Dark Defender have previously cited Jed McCaleb’s historic XRP sell-offs as an example of how the market has absorbed much larger insider sales without lasting damage.
Between 2014 and 2022, McCaleb sold 9 billion XRP, yet the token remained among the top digital assets by market capitalization.
Dark Defender believes the same resilience applies today, emphasizing that Larsen’s movements are unlikely to affect XRP’s long-term value.
