Chris Larsen, the co-founder of Ripple, made his first XRP transfer in 11 years. This led to a positive sentiment within the crypto community, which resulted in a more than 4% increase in the price of XRP in the last 24 hours. Larsen’s linked wallet sent 50 million XRP to a new address which is equivalent to $29 million.
This is a major move, the first time he has moved from the wallet since its creation in 2013. Whale Alert identified the transaction on September 17, which raised eyebrows among the XRP community. This transfer to an unknown wallet has raised many questions within the market.
🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallethttps://t.co/D9iopMqePM
— Whale Alert (@whale_alert) September 16, 2024
New Wallet Raises Speculation
The new wallet, which now contains the 50 million XRP, was activated by another address linked to Larsen. Market participants and analysts are paying close attention to its movements and trying to predict the effects of this transfer on the market.
The legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) is slowly coming to an end. This was due to a recent court ruling that stated that XRP is not a security, which helped bolster the market’s confidence.
XRP Eyes $0.60 Mark Amid Bullish Momentum: Can It Hold?
Legal issues have been resolved, and the focus has now shifted to Larsen’s recent transfer. Another speculation within the XRP Army is that Chris Larsen’s XRP transfer might be linked to possible donations to Democratic presidential candidate Kamala Harris. As he was named as one of 88 prominent current and former U.S. executives supporting Kamala Harris. However, the cause of the move is still unknown to this date.
XRP’s Upward Trend
Following Larsen’s transfer, XRP’s price soared and is being traded at $0.5847 as of press time. The 24-hour range depicts a low of $0.565 and a high of $0.590, and trading volume rose by 13.01%. This increase shows that there is a rising trend among the traders and investors.
As reported earlier by CryptoTale, XRP is expected to continue its upward trend in the coming months. Analyst CredibleCrypto has predicted that soon, the XRP would reach the level of $0.75.
These developments have generated a lot of buzz and excitement in the crypto community. Investors are observing the new wallet and the price of XRP closely and are expecting more developments in the near future. Ripple’s future is now looking bright for more expansion, and analysts and traders are waiting for the next move.
