Editor's PiCK
"₩240 billion worth of XRP moved from Ripple co-founder’s wallet… Price drops 14%"
Summary
- It was reported that after approximately ₩241.9 billion worth of XRP was recently moved from a wallet presumed to be owned by Ripple co-founder Chris Larsen, the XRP price dropped by 14%.
- Of the 50 million XRP moved, about $140 million worth was sent to centralized exchanges; analysts suggested that the short-term plunge intensified due to large-scale long liquidations.
- Wallets associated with Larsen still hold 2.81 billion XRP, which amounts to about 4.6% of the total XRP market capitalization.
A report stated that after approximately ₩241.9 billion worth of XRP was moved from a wallet presumed to be owned by Ripple co-founder Chris Larsen, the price of XRP fell by nearly 14%.
According to CoinDesk, a specialized cryptocurrency media outlet, blockchain analyst ZachXBT reported that "from the 17th to the 24th, a total of 50 million XRP (about $175 million, or ₩241.9 billion) was moved from Chris Larsen’s wallet," and that "$140 million (about ₩193.6 billion) of this sum was transferred to centralized exchanges."
Previously, last week, XRP pulled back from a high of $3.64 to the current level of about $3.08. The cumulative decline for the past week stands at 14%. In particular, some analysts noted that more than $105 million (about ₩145.2 billion) of large-scale long positions were liquidated, intensifying the sharp short-term drop.
ZachXBT also stated, "Wallets associated with Larsen still hold 2.81 billion XRP (about $8.4 billion, or ₩1.16146 trillion), which amounts to about 4.6% of the total XRP market capitalization."
So far, neither Ripple nor Chris Larsen has released an official statement regarding these transfers.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
