In a significant move that has stirred the XRP community, Ripple co-founder and executive chairman Chris Larsen transferred 50 million XRP after 11 years of wallet inactivity. The move has sparked widespread speculation, from potential political donations to the possibility of a significant price rally for XRP.
Details of Chris Larsen’s 50M XRP Transfer
On September 17, 2024, Whale Alert reported that a wallet linked to Chris Larsen transferred 50 million XRP tokens, valued at approximately $29 million, to an unknown wallet. This is the first activity from this wallet since its creation in 2013. The transaction marks a pivotal moment for the Ripple community, as such a large transfer from a prominent figure within the company has the potential to influence market sentiment.
The transfer was intentional, with Larsen moving the 50 million XRP from a wallet containing 500 million tokens. The new wallet, identified as raorBmbz.., was activated by another of Larsen’s wallets, rhREXVHV.., and now holds the 50 million tokens.
Speculation Surrounding the Transfer
The sudden movement of such a significant amount of XRP has sparked various speculations, particularly among the XRP Army. One of the leading theories suggests that the transfer could be related to potential political donations to Democratic presidential candidate Kamala Harris. Chris Larsen has previously been revealed as one of 88 American executives endorsing Harris, leading to further speculation that this large transfer might be connected to political support.
However, Ripple CEO Brad Garlinghouse has been quick to clarify that Ripple remains bipartisan when it comes to cryptocurrency and blockchain technology. He noted that while some political figures, such as Donald Trump, have leaned more pro-crypto, the technology itself transcends party politics.
XRP Price Surge Following the Transfer
The transfer coincides with a surge in XRP’s price, which has risen over 4% in the last 24 hours. At the time of writing, XRP is trading at $0.586, with a 24-hour high of $0.590. The trading volume has also increased by 11%, indicating heightened interest from traders following Larsen’s transfer.
Crypto analysts have become bullish on XRP’s price movement, with CredibleCrypto predicting that the token could rally to $0.75 in the near future. This price target is supported by Ripple’s favorable legal outcome in its case against the SEC, where the token was determined not to be a security. Additionally, Ripple’s relatively small penalty of $125 million, as opposed to the $2 billion initially sought by the SEC, has bolstered optimism for the token’s performance.
Pro-XRP lawyer Bill Morgan has also weighed in, expressing confidence in the token’s upward momentum as regulatory clarity and increased interest drive market demand.
What’s Next for XRP?
As XRP continues to trade within a tight range, recent developments, such as Chris Larsen’s token transfer and Ripple’s legal clarity, suggest that the token could experience significant price movements in the coming weeks. If market sentiment remains positive and trading volume continues to increase, XRP could reach the $0.75 target predicted by analysts.
While the exact reason for Chris Larsen’s 50 million XRP transfer remains unknown, the event has certainly reinvigorated interest in the token, both from traders and the wider crypto community. Whether this transfer is tied to political donations or simply a strategic financial move, the ripple effect on XRP’s market performance is undeniable.
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