Bitrabo Editorial
A wallet associated with Chris Larsen, a major stakeholder in XRP, has conducted a significant transaction indicating potential selloff activity. This transfer, made within the last 48 hours, has instigated a chain of transfers leading to the Binance exchange.
The transaction involved shifting 20 million XRP tokens from Larsen’s wallet to a private wallet linked to sales on Binance.
Analyzing Recent Transactions
To provide context, Christensen, co-founder of Ripple, previously moved 50 million XRP to the wallet “raorBm” on September 16. This transaction raised eyebrows among XRP fans as the receiving wallet had not seen significant outflows previously.
Even though the 50 million XRP transaction was considerable, it represented only a fraction of the wallet’s total assets. At that time, the “raorBm” address held roughly 450 million XRP, making it one of the largest individual wallets in the XRP network.
After the transfer to “raorBm,” there was a period of inactivity where the intent behind the transaction remained unclear. However, on September 20, “raorBm” began a series of transactions, moving 20 million XRP in four separate transactions of 5 million XRP each to another wallet known as “rHoXdf”. As of the latest update, “raorBm” retained 30 million XRP from the original 50 million tokens.
Recently, the narrative has shifted. The 20 million XRP sent to “rHoXdf” was further transferred to a new private wallet “rJYpdF”, suggesting a final arrangement before a potential selloff into Binance. A final indication came when 2 million XRP was transferred from the “rJYpdF” wallet to a Binance wallet within the last 24 hours.
Is a Selloff Imminent?
The last transaction signals that the earlier transfer of 50 million XRP from Chris Larsen’s wallet might have been intended for a sale. Therefore, it’s reasonable to anticipate a selloff into Binance shortly, perhaps involving the 20 million XRP tokens.
There is also speculation that this transfer might stem from unauthorized access to one of Larsen’s wallets. Earlier this year, similar transactions linked to him occurred after a hack that drained 213 million XRP valued at $120 million. However, these remain conjectures as Larsen has not made any public statements regarding the recent transfers.
Image source: Getty Images, chart via TradingView