Ripple Co-Founder Offloads 50M XRP—Is A Crash Coming?
Recently, Ripple co-founder Chris Larsen reactivated a long-dormant wallet, transferring 50 million XRP. This move has caught the attention of the XRP community and sparked detailed tracking of the cryptocurrency’s flow.
Larsen Transfers 50 Million XRP: Breakdown of Subsequent 18 Million Allocation
Initially, Larsen moved 50 million XRP to an undisclosed new wallet. Following this, 18 million XRP were distributed in two separate transactions: 3 million XRP to a previously used Binance address and 15 million XRP to a newly activated Bittrex wallet, with indications that it will also end up in Binance.
XRP Transaction Details. Source: XRP Liquidity (Larsen/ODL Tracking) Larsen’s Strategic XRP Disbursement: 30 Million Split Across Coinbase Wallets
The trail of XRP didn’t stop there. Larsen sent another 30 million XRP to Coinbase in several transactions, eventually dividing this into two parts: 19 million and 10.012 million XRP, each finding their way to different Coinbase wallets. These meticulous transactions highlight a pattern, though their purpose remains undisclosed.
Coinbase XRP Transfers. Source: XRP Liquidity (Larsen/ODL Tracking) Community Response to Large-Scale XRP Movements
The XRP community, largely made up of retail investors, has expressed concern over these large transactions. They fear that they could lead to potential market manipulation or adversely influence XRP’s market price.
Moreover, the community remains watchful in response to previous security breaches involving Larsen’s accounts. This time, however, Larsen has not yet provided any clarification, which is adding to the community’s apprehension.
XRP Price Maintains Stability at $0.5924 with Modest Daily Gains
The current price of XRP is approximately $0.5924, showing a slight increase of 1.1% over the past 24 hours.
XRP Price Overview. Source: CoinGecko
Notably, despite a small dip in its value against Bitcoin by 1.9%, XRP has maintained a relatively stable position within the 24-hour range of $0.5767 to $0.5951.
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