Chris Larsen Moves $60.5M in XRP: Will the Token Hit $6 Soon?
- Ripple co-founder Chris Larsen transferred $60.5 million worth of XRP to an unknown wallet.
- The transfer involved 20 million Ripple tokens, tracked by Whale Alert.
- A whale wallet sent 31.17 million Ripple tokens to Coinbase, raising questions about possible sell-offs.
Ripple co-founder Chris Larsen transferred $60.5 million worth of XRP to an unknown wallet, igniting interest in the cryptocurrency market. This move follows a recent price surge of XRP and a new filing by the US SEC challenging XRPs security status. The transfer of 20 million Ripple tokens has fueled speculation about potential accumulation strategies amid ongoing market dynamics.
XRP Transfer by Chris Larsen, Ripple Co-Founder
Chris Larsen executed a massive transfer of Ripple coins, with Whale Alert tracking the movement of 20 million tokens. These tokens, valued at $60.54 million, were moved from a wallet linked to Larsen to an unknown destination. The transfer has sparked discussions among investors, with many viewing it as a sign of bullish sentiment.
At the same time, market activity involving other large Ripple wallets has raised questions about investor strategies. A whale wallet recently sent over 31.17 million Ripple tokens to Coinbase, suggesting potential sell-offs. However, the absence of a significant price dip following these events has maintained confidence among Ripple holders.
Ripple Lawsuit Sparks Fresh Investor Concerns
The Ripple transfer coincides with a fresh legal filing by the US SEC against Ripple regarding the tokens status. The SEC is appealing the courts earlier judgment, which ruled that XRP is not a security. This legal development has reignited debate on whether Ripples XRP sales to retail investors qualify as unregistered securities transactions.
The Ripple vs. SEC lawsuit, initially filed in December 2020, had seen a major turn when a judge ruled in Ripples favor. However, the recent appeal challenges the prior decision under the Howey Test framework for investment contracts. These legal proceedings continue to weigh on market sentiment as investors monitor their potential impact on XRPs long-term prospects.
Market Reaction and Price Movements
XRPs price surged over 10% in the past 24 hours, trading at $3.11, with significant increases in volume and market cap. Weekly gains of 34.51% and a monthly rise of 21.74% underline the tokens strong momentum. Trading volume climbed by 74.53%, reflecting growing investor interest amid positive developments around Ripple.
Many see Larsens large-scale transfer as a signal of confidence in XRPs future performance. The move has fueled optimism among investors, with predictions of the token reaching $6 gaining traction. As market conditions evolve, the cryptocurrency community continues to closely watch the Ripple ecosystem.
Read more: https://www.tronweekly.com/chris-larsen-moves-60-5m-in-xrp/
Text source: TronWeekly
