Ripple Co-Founder Transfers 20 Million XRP, Sparking Selloff Fears And Wallet Hack Concerns
In the ever-evolving world of cryptocurrency, significant transactions often signal major market movements. Recently, an XRP wallet, which is believed to belong to Chris Larsen, co-founder of Ripple and one of XRP’s largest holders, initiated a notable transaction. This activity appears to be a precursor to a potential selloff.
Within the last 48 hours, this wallet moved a substantial amount of XRP, setting off a chain of subsequent transactions. These movements culminated in a connection with the major cryptocurrency exchange, Binance, within the past 24 hours.
Examining The Series Of Transactions
For a more comprehensive understanding, it is crucial to delve into the specifics. On September 16, one of Chris Larsen’s wallets transferred 50 million XRP into a wallet identified as “raorBm.” This significant movement did not go unnoticed, especially since the address had not seen substantial activity since its inception.
Despite the large transfer, it’s important to highlight that the 50 million XRP only represented a fraction of the wallet’s total holdings. At the time of writing, the wallet holds approximately 450 million XRP, making it one of the largest individual wallets in the XRP ecosystem.
Initially, after the transfer to “raorBm,” there was a period of inactivity, leaving the intentions behind the transaction unclear. This changed on September 20 when “raorBm” began a series of transactions, transferring a total of 20 million XRP to another wallet, “rHoXdf,” in four separate transactions of 5 million XRP each. Following these transactions, “raorBm” retained 30 million XRP from the original 50 million.
The narrative took another turn in the past 24 hours. The 20 million XRP moved to “rHoXdf” was transferred again, this time to a new private wallet identified as “rJYpdF.” This movement seems to be the final shuffle before a potential selloff into Binance. The most telling sign of a selloff came when 2 million XRP were transferred from the “rJYpdF” wallet to a Binance wallet within the last 24 hours.
Selloff Approaching?
The recent transactions suggest that the initial transfer of 50 million XRP from Chris Larsen’s wallet might be with the intent to sell the tokens. Therefore, it is reasonable to anticipate a selloff into Binance in the coming days, at least involving the 20 million XRP tokens.
However, there is also speculation that these transactions could be the result of a hack. In February, similar large transactions linked to Chris Larsen were linked to a hack, which led to the theft of 213 million XRP, valued at $120 million at the time. As of now, these remain speculations since Larsen has not publicly commented on the recent transfers.
Regardless of the underlying reasons, these movements have undoubtedly captured the attention of the crypto community, with many closely monitoring the situation. XRP is currently trading at $0.59, and any significant selloff could impact its market value.
Stay tuned for further updates as more information becomes available, shedding light on the true nature of these transactions.
