XRP wallet Another notable transaction from one of the largest XRP holders, likely Chris Larsen, appears to be in preparation for a sell. The transaction, which occurred within the last 48 hours, led to a series of subsequent transfers over the past 24 hours, which were eventually linked to cryptocurrency exchange Binance.
It is worth noting that the mentioned transaction involved the transfer of 20 million XRP tokens from a wallet linked to Chris Larsen to a private wallet linked to sales operations on Binance.
Check transaction chain
In the context of the conversation, one of the wallets owned by Larsen, the co-founder of payments technology company Ripple, 50 million XRP transferred XRP was added to the “raorBm” wallet on September 16, sparking reactions from XRP enthusiasts. This reaction was indeed justified, given that the address in question had not seen any significant outflows since its creation.
Despite the massive transaction size, it’s important to note that the 50 million XRP transferred to “raorBm” represents only a small portion of the wallet’s total holdings. The address itself is one of the largest single wallets in the XRP ecosystem, with a balance of around 450 million XRP at the time of writing.
After the transfer to the “raorBm” address, things were quiet for the next few days, with the motive for the transfer remaining unclear. However, on September 20, the situation began to take shape when “raorBm” initiated a series of transactions. A total of 20 million XRP tokens were transferred from “raorBm” to another wallet. It has been identified as “rHoXdf”. Through four consecutive transfers, each involving 5 million XRP. After the transactions, raorBm held 30 million XRP out of the 50 million tokens it had received at the time of writing.
It is worth noting that the narrative has evolved over the past 24 hours. The 20 million XRP that were previously transferred to “rHoXdf” have been moved again, this time to a new private wallet. It was identified as “rJYpdF”. In what appears to be the final mix before the final sale on Binance. The latest evidence pointing to the sale came when 2 million XRP were transferred from the “rJYpdF” wallet to the Binance wallet in the last 24 hours.
Is a sell-off approaching?
The final transaction above indicates that the initial transfer of 50 million XRP was made from Chris Larsen’s wallet for the purpose of selling the tokens. Therefore, it is only appropriate Expect heavy selling. It is expected that 20 million XRP tokens will be added to Binance in the coming days, even if it is only 20 million XRP tokens.
There is also the possibility that the transfer was the result of another hack of one of Chris Larsen’s wallets. In February, Similar transactions The operation resulted in a hack that resulted in the theft of 213 million XRP worth $120 million. However, this remains pure speculation at this point, as Larsen has yet to comment on the transfers.
Featured image by Getty Images, chart by TradingView