Chris Larsen Moves 20 Million XRP, Speculation Leads To Binance

Chris Larsen moved 20 million XRP, speculation leading to Binance (Photo; Doc. T3N)

JAKARTA - Chris Larsen, Executive Chair of Ripple, has again made a big move by moving 20 million XRP after previously transferring 50 million XRP from his personal wallet. The movement of this digital asset sparked speculation among the crypto community, with several parties suspecting that the ultimate goal of this transfer is the Binance crypto exchange.

According to Coingape information, on September 16, 2024, Larsen began a major transfer by moving 50 million XRPs from wallets that had been inactive for more than 11 years since 2013. The transfer triggered the emergence of a new wallet which then carried out several token transfers.

In a short time, 20 million XRP were transferred in four batches, each containing 5 million XRP, to another unidentified wallet. This raises allegations that the assets will soon be sold in the open market.

The main speculation among investors is that the XRP that Larsen moved will enter Binance, a large global crypto exchange that is known to often receive large amounts of XRP transfers. However, until now, there has been no official confirmation regarding the final destination of the 20 million XRP.

In addition, some have voiced concerns about potential hacking, especially because there was a pattern resemblance to the hacking incident in February, in which 212 million XRP was stolen from a wallet linked to Larsen. However, so far there is no strong evidence to suggest that this latest transfer is linked to hacking.

Larsen's transaction also shows no signs of a cyberattack, given the significant time gap between the first and latest transfers.

The price of XRP has decreased since its peak in 2021. Although it had experienced a slight increase in 2023, its performance remains lagging behind other crypto assets. In 2024, many crypto analysts think XRP's prospects are not too bright, although there is speculation that price movements will soon reach an important turning point.

Many hope that XRP's multi-year graphic pattern could soon trigger a long-awaited price hike. However, with the high volatility of the crypto market, there is no guarantee that these predictions will materialize.