Ripple’s Co-Founder Chris Larsen Makes a Splash by Transferring Massive 50M XRP
Ripple co-founder and executive chairman Chris Larsen recently made a significant transfer of 50 million XRP tokens, valued at over $29 million, from his wallet after 11 years of inactivity as per Whale Alert. This move has sparked speculation within the crypto community regarding its implications for the market dynamics of XRP.
Massive 50 Million XRP Token Transaction
The transferred tokens were moved to a new, previously unknown wallet, raising questions and discussions among XRP holders. Notably, this is the first substantial movement from Larsen’s wallet since its creation in 2013. It has been confirmed that this transfer was intentional. The new wallet, with the address raorBmbz.., was activated by rhREXVHV.., effectively becoming the second wallet associated with Chris Larsen. This wallet now holds 50 million XRP.
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The Ripple lawsuit is also a significant factor in the current landscape. With the legal proceedings nearing a potential conclusion, assuming there is no appeal by the US SEC against Judge Torres’ decisions, the transfer of tokens by Larsen holds particular significance. The court’s clarification that XRP is not a security, and that programmatic sales are not classified as securities transactions, has provided further clarity for the XRP market.
Chris Larsen Presidential Candidate Endorsement
In addition to the technical and market-related discussions, there has been speculation about potential political contributions. Chris Larsen’s endorsement of Democratic presidential candidate Kamala Harris, along with 88 other American top executives, has been a surprising development within the crypto community. However, Ripple CEO Brad Garlinghouse has emphasized the company’s bipartisan stance regarding crypto and blockchain, highlighting that technology should not be a matter of concern based on political affiliations.
Price Action
The XRP price has experienced a notable rally, increasing by over 4% in the past 24 hours and currently trading at $0.586. The heightened trading volume, up by 11% in the last 24 hours, suggests a growing interest among traders.
Other Experts Weighed In
This positive movement in the XRP price has also garnered attention from analysts, who are expressing bullish sentiment regarding the token’s momentum. CredibleCrypto has set a target of $0.75 for XRP, citing the token’s legal status and the relatively small penalty expected to be paid by Ripple, compared to the initial amount sought by the SEC. Pro-XRP lawyer Bill Morgan has also weighed in on this prediction.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
