XRP wallet possibly owned by Chris Larsen, one of the main managers of XRP, has made another significant transaction in what appears to be a preparation for the selloff. The transaction, which took place within the last 48 hours, caused a series of subsequent transfers in the last 24 hours, finally linked to the crypto exchange Binance.
Notably, the transaction in question involved the movement of 20 million XRP tokens from a wallet linked to Chris Larsen to a private wallet linked to selloffs on Binance.
Commercial Series Testing
In context, one of the wallets of Larsen, the founder of the payment technology company Ripple, transferred 50 million XRP on the “raorBm” wallet on September 16, causing a reaction from XRP enthusiasts. This reaction was warranted, considering that the address in question had not seen a large outflow since its creation.
Despite the size of the transaction, it is important to note that the 50 million XRP transferred to “raorBm” represents a small portion of the fund’s overall holdings. The address itself is considered one of the largest wallets in the XRP ecosystem, with a balance of approximately 450 million XRP at the time of writing.
After the transfer of the address “raorBm,” things were quiet for the next few days, the motive for the transfer still unclear. However, on September 20, the situation began to take shape when “raorBm” started a series of transactions. A total of 20 million XRP tokens were transferred to “raorBm” in another wallet identified as “rHoXdf” with four transfers in a row, each involving 5 million XRP. Following the transaction, “raorBm” has retained 30 million XRP from the original 50 million tokens he received as of the time of writing.
Notably, the narrative emerged in the past 24 hours. The 20 million XRP that was moved to “rHoXdf” was transferred again, this time to a new private wallet. identified as “rJYpdF” in what appears to be the final push before the final selloff on Binance. The last clue to the selloff came when 2 million XRP were transferred from the “rJYpdF” wallet to the Binance wallet within the last 24 hours.
Selloff approaching?
The last transaction noted above suggests that the first transfer of 50 million XRP was made to Chris Larsen’s wallet for the purpose of selling tokens. Therefore, it is only appropriate expect a selloff on Binance in the coming days, even if there are only 20 million XRP tokens.
There is also the possibility that the transfer was the result of another hack into one of Chris Larsen’s wallets. Back in February, similar transactions linked to the founder of Ripple caused by a hack that saw 213 million XRP worth $120 billion released. However, this is still speculation at this point, as Larsen has yet to comment on the transfer.
Featured image from Getty Images, chart from TradingView