Thursday, May 19, 2022

30m XRP transferred to a wallet which allegedly belongs to Ripple’s former CEO

The Takeaway:

Thirty million XRP worth $7.37 million was transferred from an unknown wallet to FundingWallet1, which allegedly belongs to Ripple's former CEO, Chris Larsen. Crypto community has repeatedly accused Ripple of dumping huge amounts of XRP into the market, which keeps the token from growing.

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Whale Alert recently reported that 30 million XRP worth $7.3 million was transferred from an unknown wallet to Funding Wallet1. Several from the crypto community suspect that the FundingWallet1 belongs to Chris Larsen, former CEO of Ripple and current Executive Chairman. 

Just a few days ago, on 30th September, Ripple transferred 60 million XRP to its OTC wallet, which the company uses to distribute funds. The transaction was made when the price of XRP rose from $0.23 to $0.26. It seems like Ripple is the only that profited from XRP’s long bearish trend. 

Crypto community has repeatedly blamed Ripple’s actions for the bearish run of XRP as the company holds the majority of it and keeps injecting it regularly into the market. Ripple’s continuous sales of XRP has made it difficult for the taken to enter a bull run.

As of now, Chris Larsen has not made any official comments regarding if he owns the wallet or not. Ripple has several times made claims that XRP is decentralized, and Ripple only sells the coin to increase its utility. 

Ripple is also facing a class-action lawsuit filed by some of the XRP investors who claim that Ripple intentionally sold them unregistered securities. Let us know in comments, what do you think this transaction?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

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