Chairman Moves 50 Million XRP After 11 Years!

On September 16, 2024, something unexpected happened. A wallet owned by Ripple Chairman Chris Larsen sent 50 million XRP to an unknown address.

This XRP was worth about $29.12 million. It was the first big transfer from this wallet since it was created in back in February 2013. It’s been a while!

Historical Context

The wallet held a lot of XRP for a long time, but is now activated. It started with 500 million XRP over ten years ago. This was part of the XRP tokens that were given to the Ripple chairman.

The wallet barely moved any XRP since then. It only sent 1 XRP once in December 2017.

Speculation and Concerns

This big move has got people talking besides drawing attention to it. Some of the investors interested in this are worried about how it might affect the market.

The latest fluctuations across the crypto environment didn’t help either. Others are curious about why the Ripple chairman made this XRP transfer now. By the looks of it, these are just speculations.

Also Read: Ripple vs SEC: Latest Updates on the Ongoing Legal Battle

Ruling Out a Security Breach

At first, some people were worried it might be a hack, but the data shows it was probably planned. The sending wallet set up the new address first.

Only then did it send 10 XRP to activate it before sending the large amount. This points to the fact that the Ripple chairman meant to do this, so it wasn’t a hack or a mistake.

Potential Motives

No one knows for sure why this happened, or what the chairman is planning. Some people have guesses, but they are mostly based on assumptions.

One idea is that it might be to support Kamala Harris’s campaign. This would make sense, as Larsen recently said he supports her, along with other business leaders.

Market Impact

As expected, this news is important for the cryptocurrency world. The market is watching closely, as it always does with big changes. If you own XRP or want to buy it, it’s important to stay informed and navigate the ups and downs with information from WatcherGuru. Big moves like this can transform the market, and having updated information in paramount.

Also Read: The Role of XRP in Cross-Border Payments: A Deep Dive

We’ll see what the transfer was all about in the next few weeks. We’re eager to find out as well. It could affect XRP and other cryptocurrencies in the long run, so we need to be aware of this fact. We’ll have to wait for more information, but we will keep you updated.