- Ripple chairman Chris Larsen recently moved 18 million XRP to Binance and a Bittrex-activated wallet, continuing a pattern of significant XRP transfers.
- The consistent large-scale transfers by Larsen have sparked varied reactions in the XRP community. Some investors speculate that the moves could be part of a plan to manage liquidity.
The crypto community has recently contemplated Ripple’s potential prospects. This follows reports of Chris Larsen, Ripple’s co-founder and chairman, who recently moved a substantial amount of XRP tokens.
Chris Larsen Transfers 18M XRP to Exchanges
Early this week, Larsen transferred 18 million XRP in two separate transactions. Three million XRP were sent to the Crypto exchange Binance, while 15 million XRP was moved to a wallet activated by Bittrex.
This scenario is not unprecedented within the cryptocurrency community. Larsen’s recent transactions follow another repeated trend of large quantities of XRP being transferred to exchanges. Not so long ago, he reportedly moved 20 million XRP, which followed a 50 million XRP transfer earlier in the month. These recurring events have left the crypto community wondering what his intentions are and their potential impact on the token’s price.
The significant volume of XRP being transferred, particularly by a prominent figure like Larsen, has raised eyebrows. Many are speculating that these transactions are part of a personal investment strategy or if they signal broader strategic changes within Ripple.
Larsen’s consistent large-scale transfers have sparked varied reactions in the XRP community. Some investors speculate that the moves could be part of a plan to manage liquidity. Others suggest that the transfers might be linked to personal financial strategies or charitable contributions, especially given Larsen’s significant political investments.
Focusing on a market point of view, the transfer of such substantial quantities of the token raises more concern about potential price volatility. Large token movements by key figures often lead to the token’s price bleeding.
At the time of writing, XRP is changing wallets with $0.5863, marking a 0.21% and 1.37% surge in the last 24 hours and past week, respectively. Additionally, XRP’s market cap has experienced a 0.22% surge, leaving it at $33 billion.
Selling Pressure on Ethereum
XRP has not been the only token drawing attention due to withdrawals from their respective key figures. Ethereum co-founder Vitalik Buterin has also reignited concerns within the ETH community after selling a significant amount of Ether from a wallet linked to him.
According to crypto intelligence platform Lookonchain, Buterin’s wallet has made several substantial transfers since late August, including a recent sale of 190 Ether valued at approximately $441,971 in USDC. These transactions, totaling over 950 Ether, have contributed to the growing selling pressure on Ethereum, which is already facing challenges in the market.
Notably, the Ethereum Foundation has reportedly been on a selling spree. The recent sale brought the total number of 1,150 ETH throughout September to approximately $2.8 million.
