Editor's PiCK
Ripple Co-Founder Transfers $175 Million Worth of XRP in One Week… Is He Selling?
Summary
- Chris Larsen, Ripple’s co-founder, reportedly transferred $175 million worth of XRP to centralized exchanges and other destinations within the past week.
- On-chain analytics revealed that of the transferred XRP, about $140 million worth entered exchanges.
- DL News analyzed that the primary purpose of Larsen’s large-scale exchange transfers is likely to sell.
Chris Larsen, Ripple’s co-founder, has reportedly transferred 175 million dollars (approximately ₩2.4 trillion) worth of XRP to centralized exchanges (CEX) and other destinations within the past week.
On June 24 (local time), on-chain analyst ZachXBT stated on X, “From June 17, Larsen has sent 50 million XRP to four different addresses,” adding, “(The total XRP is) worth about 175 million dollars.”
Most of the transferred XRP was deposited to centralized exchanges. ZachXBT explained, “Of the transferred XRP, approximately 140 million dollars went to exchanges,” while “(the remaining) about 35 million dollars was sent to two new addresses.”
Previously, on June 15, Larsen sent 26 million dollars worth of XRP to the U.S. cryptocurrency exchange Coinbase. DL News stated, “The main reason for sending (crypto) assets to Coinbase is almost always to sell.”
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul![[Market] Bitcoin slips below $75,000…Ethereum also falls under $2,200](https://media.bloomingbit.io/PROD/news/eaf0aaad-fee0-4635-9b67-5b598bf948cd.webp?w=250)
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