The Co-founder of Ripple and one of the largest holders of XRP Chris Larsen has sparked sell-off speculation by transferring 20 million XRP assets in less than 48 hours.
The Wallet which is notably associated with Chris Larsen transferred the 20 million XRP to another private wallet linked with sell-offs to Binance.
The initial transfer by Chris Larsen sparked a series of subsequent transfers in the last 24 hours all linked to the crypto exchange Binance.
The new development stirred up speculation in the XRP community as concerns about an incoming sell-off spree with the potential of dropping the price of XRP were raised.
This isn’t the first time Chris Larsen, a notable XRP whale has moved large amounts of the assets.
Chris Larsen’s Onchain history with XRP
On September 16, One of the wallets linked to Chris Larsen the co-founder of payments technology Ripple moved 50 million XRP to a new wallet. This was a significant event in the XRP community given that the wallet has never made any transaction before. The new development sparked rumors of a potential XRP sell-off that could affect the price of the asset adversely.
Despite the transfer of 50 million XRP and now 20 million XRP from Chris Larsen linked wallets. He still holds a significant amount of the crypto asset and the above transactions are quite minimal compared to his entire XRP stash.
Chris Larsen’s linked address is considered one of the largest individual wallets in the XRP ecosystem, with a balance of approximately 450 million XRP at the time of writing.
Chris Larsen’s onchain activity after the initial transfer of 50 million XRP to a new address tagged “raorBm,” revealed a potential sell-off as the motive of the transaction.
The new Wallet “raorBm” made a flurry of transactions which involved 20 million XRP moving to another wallet before parts of it finally ended up in a Binance wallet.
The final transaction which witnessed 2 million XRP transferred to a finance wallet confirms the speculation that a sell off is imminent. Chris Larsen is an XRP whale so his onchain activities around the asset have the power to affect the price of the asset.
XRP Price Analysis
At the time of writing XRP is exchanging hands for $0.5866 dropping by 1.2% in the last 24 hours with a maximum price of $0.5955 and a minimum price of $0.5801.
What to Know
- Chris Larsen is an example of a crypto whale. Crypto whales are large holders of particular crypto assets whose onchain activity has the power to affect the prices of the assets they are holding. Crypto whale’s onchain activity is closely monitored by analysts as it often indicates the direction a crypto asset is heading.
- XRP is down from its all-time high by a whopping 82.8%
