Crypto enthusiasts are buzzing after Ripple co-founder and executive chairman Chris Larsen made a major move by transferring 50 million XRP tokens valued at $29 million to a new wallet. This marks the first time in 11 years that Larsen has moved XRP from his holdings, sparking discussions and speculation within the crypto community.
As revealed by Whale Alert X post, 50 million XRP tokens valued at over $29 million were transferred from Chris Larsen’s wallet to an unknown wallet on September 17. This marks a significant moment as he transferred 50 million XRP from 500 million in his wallet after 11 years of inactivity.
Chris Larsen’s Wallet Inactive Since 2013
Larsen’s wallet had been inactive since its creation in 2013, holding 500 million XRP tokens. This sudden activity has led to various theories on why the transfer took place and what it might mean for Ripple and XRP’s future.
As per Whale Alert, transaction details show the sender’s wallet address as rhREXVHV93…4x8kSEtjna Chris Larsen which transferred 50 million XRP to an unknown wallet address raorBmbzra…1HQq7d4gzS.
The transfer’s timing is also notable as Ripple nears the end of its lawsuit with the U.S. Securities and Exchange Commission (SEC). With the court ruling that XRP is not a security, it has provided clarity for the crypto’s regulatory standing, potentially opening the door for more market activity.
Speculation Around Political Ties
In addition to the transfer itself, there has been speculation within the XRP community about Chris Larsen’s potential political contributions. Some are questioning whether he might use the transferred XRP to make donations to Democratic presidential candidate Kamala Harris. Larsen was previously revealed to be among 88 top American executives endorsing Harris, which caught the crypto community by surprise.
However, Ripple CEO Brad Garlinghouse has emphasized that the company’s approach to crypto and blockchain remains nonpartisan. He acknowledged that while some political figures, including former President Donald Trump, have shown more support for crypto, the company believes that technology shouldn’t be dependent on party politics.
XRP Price Surges Amid Transfer News
The news of Larsen’s XRP transfer has coincided with a surge in the token’s price. Over the past 24 hours, XRP’s price has increased by more than 2.81%, trading at $0.5875 with an 8% increase in trading volume, signaling renewed interest from traders.
Given the recent legal clarity from the court that the token is not classified as a security, crypto analysts have expressed optimism about the token’s future trajectory. X user Cryptoinsightuk predicted a 14% surge to $0.66 in the short term, claiming liquidity has been “building up.”
Pro-XRP lawyer Bill Morgan also supported the bullish forecast, highlighting the reduced regulatory uncertainty and growing confidence among investors.
As the legal battles wind down and market interest surges, XRP seems poised for further upward movement shortly.
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