Ripple's Chris Larsen Transfers 50M XRP After 11 Years of Inactivity

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Ripple Chairman Chris Larsen Transfers Another 20M XRP After Moving 50M – Crypto News

Published

9 months ago

September 23, 2024

Dripp

In a transaction, Ripple Chairman Chris Larsen has transferred 20 million XRP from a previous shuffle of 50 million tokens.

Speculation puts the likely destination to be Binance, given the history of previous transactions made by the recipient address, though this is yet to be confirmed.

XRP Whales Make Waves With Larsen Massive Transfers

Earlier on Sept. 16, one of Larsen’s wallets transferred 50 million XRP in the first major transfer since its creation back in 2013. The transaction turned a new address on with 11 XRP and then transferred the 50 million tokens, part of which has transferred to another wallet recently.

Whales Stir As 40M XRP Get Moved Within An Hour In a series of transactions on Sept. 20, the address rao…gzS transferred in four batches 20 million XRP, each batch comprising 5 million tokens to an unknown wallet, rHo…Spm between 18:25 and 18:30 UTC.

With these movements, rao…gzS still maintains 30 million XRP from an initial supply of 50 million he earlier received. The destination wallet, rHo…Spm currently holds the 20 million XRP but its transaction history suggests it may well be dumped into the market anytime soon.

Recently, Vice President Kamala Harris scheduled crypto-related discussions to engage with cryptocurrency advocates. Among those endorsing her efforts are prominent American business figures, including Ripple’s Executive Chairman, Chris Larsen. Anthony Scaramucci also voiced support, noting that these steps mark progress in the right direction for the industry.

XRP Hack Fears Resurface Amidst Binance Transfers

It is also renowned for collecting big chunks of XRP from several addresses, holding them for a while, and then transferring them to Binance. Hence, many people are assuming that the recent 20 million XRP transferred from Chris Larsen could be directed to Binance.

Others have said that these movements could be related to the possible hack. Similar transfers from another wallet belonging to Larsen were, in February, confirmed to have taken place as a result of a hack, where 212 million XRP were stolen by the hackers.

Some new rumors have emerged about a fresh hack because some tokens have moved around different addresses recently. These rumors seem unlikely to be true because the first transaction happened almost five days ago and Larsen has said nothing about any exploit.

After the hype, the price of XRP has been in decline since 2021. Though there was some upward movement in XRP in 2023, the asset did lag in comparison to the general crypto market. For 2024, its outlook has not been exactly promising.
But as XRP price approaches the terminus of this multi-year chart pattern, speculation is building over whether a breakout could finally spark the long-expected upward trend.