The post Chris Larsen’s 2.75B XRP Could Soon Support Ripple ODL as Supply Tightens appeared on BitcoinEthereumNews.com.

Amid a drop in XRP’s market supply, a pundit speculates that Ripple Chairman Chris Larsen’s 2.75 billion XRP could go into supporting ODL (now Ripple Payments). XRPWallets, a community-driven X account dedicated to tracking flows around ODL, discussed this in a recent post. Notably, the latest commentary came on the back of the gradual movements of the XRP tokens transferred from one of Larsen’s wallets last month. Chris Larsen Moves 50M XRP Recall that The Crypto Basic confirmed in mid-September that the Larsen address moved out 50 million XRP. This transaction was noteworthy, as it marked the first significant outflow from the wallet since its activation eleven years ago. Some commentators suggested the transaction could be a product of a security breach, but The Crypto Basic debunked this, citing data from on-chain movements. Shortly after, the recipient of the 50 million XRP tokens began shuffling the assets, eventually sending 20 million to exchanges. XRPWallets had continued to track the remaining assets, confirming that more XRP tokens had moved to exchanges since then. Now, on-chain data shows that only 5 million tokens remain, following the recent movement of 10 million XRP to Binance.  https://x.com/thecryptobasic Interestingly, these movements contribute to the sustained reduction of XRP supply in the open market, a trend that the XRPWallets account has continued to track. Notably, the resource has observed that Ripple persistently purchases XRP from the open market to power its Ripple Payments (ODL) service. Ripple Buys XRP for ODL For context, Ripple has confirmed that it typically buys back XRP from the open secondary market to leverage it as a bridge asset for cross-border settlements. The Crypto Basic revealed in January that about 50% of Ripple’s ODL transactions use XRP.  Meanwhile, following its partnership with Ripple for Payment services, U.S.-based crypto exchange Uphold also stressed…

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Filed under: News - @ October 19, 2024 12:27 pm