Part of the XRP tokens moved by the Ripple chairman appears to be heading to centralized exchanges, for possible sales.
Chris Larsen has continued to move millions in XRP from one of his addresses, with the ultimate purpose of liquidating them. Recall that The Crypto Basic confirmed last week that the Ripple co-founder moved 50 million XRP from his account to a new unidentified wallet.
Ripple Chairman Moves 5M XRP to Binance
Notably, this new wallet held onto the tokens for four days before eventually transferring 20 million XRP to another address rHo…Spm in four batches of 5 million XRP each, as reported by The Crypto Basic three days ago.
Following an investigation of the behavioral patterns of rHo…Spm, The Crypto Basic suggested that these 20 million XRP tokens could be heading to the centralized exchange Binance. The address has persistently offloaded millions of XRP to Binance in recent months.
Now, in the most recent development, this has materialized. Barely 24 hours after receiving the 20 million XRP, rHo…Spm transferred out the assets to another address rJY…kA2, as speculated. This address has now moved 5 million XRP to Binance, and the remaining 15 million XRP to an address activated by Bittrex.
However, given the behavior consistent with this Bittrex-activated address, on-chain data suggests the leftover 15 million XRP would also be heading to Binance. The address also persistently moves millions of XRP to Binance shortly after receiving them.
Larsen’s XRP Movements
For context, this flow of funds is especially noteworthy, as it marked the first time Larsen moved XRP from the genesis address in 11 years. Upon its activation in 2013, the address received 500 million XRP, part of the allocation to Larsen.
It retained these tokens until the recent 50 million outflow, leaving it with a balance of 450 million XRP. Shortly after the transaction occurred, a camp of speculators suggested that the movement could be the product of a hack. This was due to a similar situation observed with one of Larsen’s wallets in February.
However, The Crypto Basic noted this was unlikely to be the case, as the first recipient address had links with the primary address. It has been over a week since the 50 million XRP movement, and the Ripple chairman has not raised any alarms despite the transaction generating press time. This confirms his authorization of the fund flow.
At the reporting time, the first recipient address rao…gzS has held onto the leftover 30 million XRP, with only 20 million on the move. Nonetheless, preliminary observation suggests this remaining 30 million XRP could also make its way to Binance as well.
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