PiCK
Ripple Co-Founder Deposits $26 Million Worth of XRP on Coinbase—Is a Sell-Off Coming?
Summary
- Ripple's co-founder recently deposited $26 million worth of XRP into a centralized exchange.
- This transfer reportedly took place as XRP hit its highest price in the past seven months.
- DL News stated that such large-scale XRP transfers are most likely for the purpose of selling.
Ripple's co-founder recently deposited XRP worth $26 million (about ₩3,600,000,000) into a centralized exchange (CEX).
According to DL News on the 17th (local time), Chris Larsen, Ripple's co-founder, transferred $26 million worth of XRP to the U.S. crypto exchange Coinbase on the 15th. DL News reported, "This deposit happened as XRP hit its highest price in the last seven months."
There has been speculation that Larsen may be preparing to sell XRP. The large-scale transfer occurred as XRP's price has recently surged.
On the 15th, when Larsen moved a large amount of XRP, its price surpassed $3. This is the first time in about five months, since early February, that XRP has exceeded $3. DL News stated that "sending (crypto) assets to Coinbase is generally done almost exclusively for selling purposes."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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