Ripple Releases 1,256,000,000 XRP, Part of It Goes to Wallet Allegedly Belonging to Chris Larsen

Ripple Releases 1,256,000,000 XRP, Part of It Goes to Wallet Allegedly Belonging to Chris Larsen

On the first day of the new year, the Whale Alert Twitter account detects a mind-boggling amount of XRP released by Ripple to its Funding Wallet 1. This Ripple’s wallet was created by a Ripple co-founder and a Silicon Valley venture investor Chris Larsen. However, many in the community believe it belongs to him as well.

Shortly afterwards, following the monthly tradition, Ripple let out another billion XRP from its escrow wallet. The community feels outraged that even on the first day of a new year it sees the company they believe in so much going against the interests of its investors again.

The first enormous transaction was sent from Ripple to Funding Wallet 1, which is believed to belong to Chris Larsen, Ripple’s co-founder and the founder of the mortgage lender E-Loan.

The current balance of the wallet totals almost 266 mln XRP.

Subsequently, the New Year night saw even more XRP released to the market – 1 bln of these coins was automatically issued from Ripple’s escrow wallet. It happens on the first day of each month and soon after this action, a large portion of the released XRP (sometimes all of it) gets sent back to escrow.

Despite this, there is outrage in the community whenever they see this transaction reported by Whale Alert. The total amount of the unlocked XRP, collectively with the release of the 256 min XRP to Chris Larsen’s wallet, is approximately $240,869,752.

The price of XRP is already below $0.20 for a while and is finding difficult to regain even the $0.30 level. However, recently, a crypto trader assumed that the price of the coin is in the Falling Wedge pattern now which means it may reverse and head North soon. The trader’s prediction was that XRP would finally regain the $0.30 price level soon enough.

Jacob Canfield, a prominent crypto analyst, has expressed his disapproval of the aforementioned 1-bln-XRP release.

Many in the community are of the opinion that these regular XRP released prevent the price of the coin from rising. Among those is also Mati Greenspan, the founder of Quantum Economics.

Jeff is by far, the most serious one on the team, but in his lighter moments, can bring the house down with laughter! He is a student of business and has worked freelance with every eminent business house with a name on Wall Street! His analytical and logical skills aid him in decrypting the most tedious statements from companies, and his writer’s enigma helps him turn it into intellectual sounding, yet informative articles on the Crypto section for Square Business News !

Leave a Reply

Your email address will not be published. Required fields are marked *