- Ripple co-founder Chris Larsen transferred 20 million XRP, valued at $60.5 million, to an unknown wallet amid ongoing legal battles with the SEC, sparking speculation and a price surge in the cryptocurrency.
- This transfer, coupled with a recent 10% increase in XRP’s price, reflects growing investor confidence despite the unresolved SEC lawsuit, with analysts forecasting further gains.
In the world of cryptocurrency, movements by high-profile figures often create ripples in the market. Ripple co-founder Chris Larsen recently made headlines when he transferred a staggering $60.5 million worth of XRP tokens. This bold move, which saw the transfer of 20 million XRP to an unknown wallet, has caught the attention of crypto enthusiasts and analysts alike, especially amidst fresh filings by the U.S. Securities and Exchange Commission (SEC) in its ongoing lawsuit against Ripple Labs.
Larsen’s Massive XRP Transfer: What’s Behind the Move?
On Thursday, Whale Alert reported the transfer of 20 million XRP, valued at $60.54 million, from a wallet associated with Chris Larsen to an undisclosed address. This large-scale transfer has raised questions about Larsen’s intentions. Some speculate that the move could signal an effort to accumulate more XRP or prepare for future dealings. Interestingly, this transfer follows a similar move by an XRP whale, who transferred over 31 million XRP to Coinbase earlier, sparking rumors of a potential sell-off that could negatively impact the price.
However, the latest news of Larsen’s transfer seems to have the opposite effect, as XRP’s price surged by 9.47% in the past 24 hours, boosting investor confidence in the digital asset. The timing of this transfer, amid the current legal battles Ripple is facing with the SEC, has undoubtedly contributed to growing interest in the token.
SEC vs. Ripple: A Legal Battle Resurfaces
The recent XRP news gains further significance when placed against the backdrop of the ongoing lawsuit between Ripple and the SEC. The SEC has filed a fresh appeal, challenging the judgment that ruled XRP was not a security. This legal battle, which began in December 2020, has seen Ripple claim victory in the past when Judge Torres ruled that XRP did not meet the criteria of a security under U.S. law.
The SEC’s renewed appeal is based on the argument that XRP sales qualify as unregistered securities transactions. This development reignites the debate over XRP’s legal status and could have far-reaching consequences for the crypto industry. While the case continues to evolve, many in the crypto community view Ripple’s previous victories as a sign of potential success, fueling positive sentiment around XRP.
XRP’s Bullish Trajectory: Price on the Rise
Despite the ongoing legal uncertainty, XRP has seen significant price growth. In the past 24 hours, XRP’s value jumped by over 10%, trading at $3.11. Over the past week, the token has gained 34.51%, and it’s up by 21.74% in the last month. This surge in price reflects strong market sentiment and a growing belief in XRP’s potential.
As XRP gains momentum, analysts are now forecasting that the price could reach $6, driven by the positive outlook surrounding Ripple’s future and ongoing developments in the SEC lawsuit.
Conclusion
Chris Larsen’s recent transfer of $60.5 million worth of XRP may be just one piece of the puzzle, but it has undoubtedly helped fuel a surge in XRP’s price. With the SEC lawsuit still ongoing, the legal outcome could have significant implications for the cryptocurrency market. However, for now, Ripple’s XRP appears to be riding a wave of optimism, with investors closely monitoring both the legal developments and the token’s price trajectory.
