An XRP wallet that is believed to belong to Chris Larsen, one of the largest XRP holders, has executed another significant transaction, suggesting preparations for a selloff. This transaction, occurring within the last 48 hours, has prompted a series of subsequent transfers over the past day, ultimately linking to the cryptocurrency exchange Binance.
Specifically, the transaction in question involved the transfer of 20 million XRP tokens from a wallet associated with Chris Larsen into a private wallet associated with selloff activities to Binance.
Scrutinizing The Transaction Sequence
To provide context, one of Larsen’s wallets, he co-founded the payments technology firm Ripple, transferred 50 million XRP to wallet “raorBm” on September 16, which triggered responses from the XRP community. This response was quite justified given that the address in focus had not experienced any significant outflow since its inception.
Even with the magnitude of this transaction, it’s crucial to acknowledge that the 50 million XRP transferred into “raorBm” constituted only a small fraction of the wallet’s total holdings. This address is recognized as one of the largest individual wallets within the XRP scene, boasting approximately 450 million XRP at the time of this report.
After the transfer to “raorBm,” there was a period of silence for the ensuing days, leaving the purpose of the transfer uncertain. However, on September 20, movement was observed when “raorBm” began a series of transactions. A total of 20 million XRP tokens were sent from “raorBm” to another wallet designated as “rHoXdf” through four successive transfers, each comprising 5 million XRP. After these transactions, “raorBm” retained 30 million XRP from the original 50 million tokens it received up until now.
Interestingly, the narrative shifted in the last 24 hours. The 20 million XRP that was previously moved to “rHoXdf” was again transferred, this time to a fresh private wallet named “rJYpdF” in what appears to be the final shuffle before a potential selloff into Binance. The last indication of a selloff emerged when 2 million XRP moved from the “rJYpdF” wallet to a Binance wallet within the last 24 hours.
Is a Selloff Imminent?
The final transaction mentioned above implies that the initial transfer of 50 million XRP was executed from Chris Larsen’s wallet with the intent to sell those tokens. Therefore, it’s reasonable to anticipate a selloff into Binance in the forthcoming days, even if it is merely the 20 million XRP tokens.
There remains a chance that this transfer was triggered by another hack targeting one of Chris Larsen’s wallets. Back in February, similar transactions involving the Ripple co-founder were linked to a hack that resulted in the theft of 213 million XRP valued at $120 million. However, these remain conjectures for now, as Larsen has not yet addressed the transactions.
Featured image from Getty Images, chart from TradingView
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