Chris Larsen, Ripple’s co-founder, has recently moved 20 million XRP, following an earlier transfer of 50 million tokens. This development has triggered widespread speculation about a potential selloff, as the destination of these tokens remains unclear.
The transaction occurred in four separate movements, each involving 5 million XRP. Analysts and traders are closely monitoring the situation, as past transactions from this wallet were linked to large trades on Binance, a major cryptocurrency exchange.
The initial transfer of 50 million XRP on September 16 had already raised eyebrows, especially since the sending address had been inactive since its creation in 2013. Following that, another 20 million XRP was shuffled, leading to concerns that these tokens might end up being sold off in the near future.
Many believe that Binance could be the recipient, which would likely cause a significant increase in XRP trading activity, potentially influencing the token’s price.
While some in the crypto community are concerned that these movements could be linked to a possible hack, reminiscent of a security breach earlier this year involving Larsen’s wallet, no official confirmation has been made. As of now, the transferred tokens remain in an unknown wallet, awaiting further movement that could confirm or dismiss these fears.
As of the latest data, XRP is trading at around $0.59, showing a slight decline, with market sentiment becoming increasingly cautious due to these significant transfers. Investors and analysts are keeping a close eye on any subsequent transactions that may provide clarity on the final destination of these tokens.