The past week in the XRP environment was spent closely monitoring the wallet of one of the cofounders of Ripple, Chris Larsen, after, on Sept. 20, the wallet, which had been dormant for 11 years since 2013, suddenly became active. In particular, it transferred 50 million to an unknown new wallet.

Then the community of XRP fans began to follow where these funds, equal to a little more than $29.12 million, are going next. 

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As it turned out, according to X user under the nickname "XRP wallets," they were sent to the world's largest crypto exchange, Binance. Initially, it was speculated that the transfer was for the purposes of Ripple's ODL service. 

Larsen's remaining 30M from the initial 50M has been sent to Coinbase (CB) in increments of 5M. From there it was sent to another CB wallet in two transactions of 10 and 19M. From here it begins to get a little busy. I was able to trace an amount sent to another CB wallet ⬇️tbc https://t.co/gFlkxgJqq4 pic.twitter.com/8cqV3Q3vzH

— XRP_Liquidity (Larsen/ODL Tracking) (@XRPwallets) September 26, 2024

However, judging by subsequent transfers, the purpose of these transfers is different. In the following days, parts of this volume of XRP were sent to sites such as Bittrex and Coinbase, where 30 million tokens were sent today. 

XRP community raises red flag

As expected, such manipulation of large amounts of tokens is causing unrest and discontent within the XRP community, which is mostly made up of simple retail users, who are unlikely to hold such large amounts of cryptocurrency. 

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Many are wondering what Larsen's plan is, if he is going to "cash out" of these positions, i.e., sell all those XRP, or if the tokens will actually be included in the ODL settlement. In addition, some users wondered if Ripple's cofounder had been hacked, as happened earlier this year.

However, back then, Chris Larsen immediately went public with clarifications and has not yet commented on the current developments.