Ripple Co-Founder Transfers 20 Million XRP: What’s Behind the Move?

Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.

Speculation suggests that this transfer may be headed to Binance, based on the transaction history of the recipient address, although this remains unverified.

On September 16, Larsen executed a significant transaction, transferring 50 million XRP from one of his wallets—the first major transfer since the wallet’s creation in 2013. This transfer involved a new address, initially holding just 11 XRP, which then received the 50 million tokens. A portion of these tokens has since been moved to another wallet.

In a separate set of transactions on September 20, the address rao…gzS sent 20 million XRP in four batches of 5 million each to an unknown wallet, rHo…Spm, between 18:25 and 18:30 UTC. After these transactions, rao…gzS still retains 30 million XRP from the original 50 million it received, while the receiving wallet currently holds the 20 million XRP, hinting that it may soon be sold on the market.

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Additionally, Vice President Kamala Harris has scheduled discussions focused on cryptocurrency, garnering support from notable figures in the industry, including Chris Larsen and Anthony Scaramucci, who view these efforts as a step forward for the crypto sector.

There are concerns about the recent XRP transfers potentially relating to a hack, reminiscent of a February incident where 212 million XRP was stolen from another of Larsen’s wallets. While some speculate about a new hack due to recent token movements, these claims are regarded with skepticism since the first transaction occurred nearly five days ago, and Larsen has not reported any security breach.

Alexander Stefanov