Legal expert Bill Morgan revealed that Ripple Chairman Chris Larsen once held a significant amount of XRP when it traded for less than 1 cent.
His comments seek to refute claims that his recent 50 million XRP transfer was a buy-sell.
In fact, Larsen’s 50 million XRP transactions continue to spark debate throughout the community. The incident began after CryptoQuant analyst Marthun suggested that Larsen had offloaded his holdings to retail investors, describing it as a “cash out” while ordinary holders were “holding the bag.”
Larsen’s move to XRP was an investment, not a dump.
Evernorth is backed by Ripple and SBI Holdings and aims to raise $1 billion in total revenue. The company plans to purchase and hold XRP as part of its treasury operations.
Larsen’s 50 million XRP transfer was part of this effort. He previously informed the community that large on-chain moves appear as transfers from his wallet, but are actually investments in Evernorth’s financial initiatives.
Despite this clarification, Martin insisted on framing the move as a sale. In response, Bill Morgan pointed out that Larsen “could hold onto the XRP bag for some time,” emphasizing the long-term nature of the investment.
“Ten years ago, when it was less than a cent, he had even more XRP.”
Meanwhile, other critical voices in the crypto community accused Larsen of transferring assets that he “got for free.”
X user Elephant, who shares this view, further argued that this investment “will not improve XRP price.”
Morgan responded that skeptics had made similar claims a decade ago, when Larsen held more XRP and the token was trading for less than 1 cent.
His remarks highlighted the contrast between XRP’s significant price increases over the years and Larsen’s declining holdings, and reduced the weight of the “dumping” narrative often leveled against him.
Someone would have bookmarked a post like this 10 years ago, when Larsen held more XRP than he does now, and when XRP was less than a 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 moved XRP for the first time from a wallet that had remained untouched since 2013.
As of July 24, 2025, Larsen holds 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 first received an allocation of 500 million XRP in 2013.
In other words, Larsen held at least 3 billion XRP 12 years ago, when XRP was trading at about $0.0055. At the time, his holdings were worth approximately $16.57 million. Despite the current decline in outstanding balances, the total value is over $5 billion, highlighting XRP’s impressive price growth over the years.
Larsen’s XRP holdings | XRPS scan
Analysts say Larsen sales do not threaten XRP price
Meanwhile, the broader XRP community seems unfazed by the repeated controversy over Larsen’s trades.
Analysts such as Dark Defender have previously cited Jed McCaleb’s historic XRP decline as an example of how the market absorbed larger insider sales without causing long-term damage.
From 2014 to 2022, McCaleb sold 9 billion XRP, yet the token remained one of the top digital assets by market capitalization.
Dark Defender believes the same resilience holds true today, stressing that Larsen’s move is unlikely to impact XRP’s long-term value.