Home Altcoins News Chris Larsen Moves 20M XRP Worth $60.5M Amid XRP Price Surge

Chris Larsen Moves 20M XRP Worth $60.5M Amid XRP Price Surge

XRP Price Surge

Ripple’s Chairman, Chris Larsen, recently made headlines by transferring 20 million XRP tokens, currently valued at $60.5 million, to an unknown wallet. The move, which took place earlier today at 1:04 UTC, was flagged by Whale Alert, a prominent whale tracking resource. On-chain data confirmed that the 20 million XRP were transferred from Larsen’s wallet to a recipient address labeled ‘rPS…u98’ in a single transaction.

At the time of the transfer, XRP was trading at $3.027, marking a significant price milestone for the cryptocurrency. This surge pushed XRP above the $3 mark and allowed it to maintain its position despite an earlier pullback. The movement of such a large volume of tokens raised a wave of speculation within the XRP community regarding its implications.

The timing of the transaction has led some to suggest that this transfer might be linked to a potential settlement in the ongoing Ripple vs. SEC legal case. However, these hopes were quickly tempered, as the SEC recently filed its appeal brief, signaling that the legal battle may be prolonged. Despite this, the community remains hopeful that developments in the case could lead to further price appreciation.

Once the 20 million XRP tokens were transferred, the receiving address, ‘rPS…u98’, immediately moved 10 million XRP to another unknown wallet identified as ‘rnQ…woi’ just 42 minutes later. While the remaining 10 million XRP remains in the original wallet, the transfer of 10 million tokens raised further questions about Larsen’s intentions. It’s important to note that the address ‘rPS…u98’ had previously been receiving large amounts of XRP from major exchanges like Coinbase and Bitstamp, with most of the tokens being transferred to ‘rnQ…woi.’

Just minutes after the 10 million XRP transaction, the ‘rnQ…woi’ address transferred 4 million XRP tokens to Coinbase, indicating a possible liquidation of the assets. At the time of writing, the ‘rnQ…woi’ wallet still holds 6 million XRP, while the total amount of XRP that has either been held or moved suggests that a portion of the tokens may be set for liquidation.

The behavior of Larsen’s wallet in recent months has fueled speculation that the Ripple Chairman might be preparing to liquidate additional assets. This is not the first time Larsen has made high-value transfers. In September 2024, Larsen moved 50 million XRP to an unknown wallet, initiating a series of transactions that included liquidating some of the assets. Over the next two weeks, Larsen carried out further sales, signaling that a similar pattern might emerge with the current transfer.

The recent move adds to a string of large transactions from Larsen’s wallet. Following the initial 50 million XRP transfer in September, Larsen remained inactive for several months before transferring 10 million XRP to Coinbase on January 6, 2025. With the latest 20 million XRP move, the total XRP transferred by Larsen in just five months amounts to a massive 80 million tokens, a stark contrast to the wallet’s previous 11 years of dormancy.

As of the latest update, Larsen’s wallet now holds 420 million XRP, a significant decrease from the 500 million tokens it originally contained when received in 2013. However, Larsen still retains control over a much larger sum of XRP across several wallets. XRPScan, a blockchain data tracker, confirms that Larsen currently holds 2.72 billion XRP across six different wallets, making him one of the largest individual holders of the cryptocurrency.

In conclusion, while speculation continues about the reasoning behind the recent transfer and potential market impact, one thing is clear: Chris Larsen’s strategic movements of XRP are attracting significant attention within the crypto space. As the market watches closely, the fate of these holdings and their influence on XRP’s price will continue to unfold in the coming months.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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