Ripple’s Chris Larsen Transfers 50M XRP After 11 Years of Inactivity

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As a seasoned crypto investor with a knack for staying abreast of industry developments, I find the recent XRP transaction by Ripple executive chairman Chris Larsen particularly intriguing. With over 11 years of inactivity, this transfer signals a potential shift in market dynamics and has sparked much speculation within the crypto community.

Chris Larsen, co-founder and executive chairman of Ripple, carried out the initial transaction of XRP following a gap of 11 years, igniting discussions within the cryptocurrency sphere. As a result of this move where he transferred 50 million XRP to a different wallet, the value of XRP increased by approximately 4% in the past 24 hours.

Ripple Executive Chairman Chris Larsen Moves XRP Worth $29M

In the past day, there was noteworthy news about XRP: A wallet associated with Chris Larsen has moved approximately 50 million XRP tokens, worth around $29 million, as reported by Whale Alert on September 17th. This is notable because it’s the first time in 11 years that he’s transferred 50 million XRP from a total of 500 million in his wallet.

Among XRP holders, there’s been talk stirred up due to the move of XRP to a recently created wallet, which hasn’t seen any activity since 2013. This transfer could potentially influence the market behavior of this digital currency. It has been confirmed that Brad Larsen, the native crypto’s creator, intentionally made this transfer.

As a researcher, I’ve recently observed that the digital wallet, previously inactive, identified as rhREXVHV, has been activated, marking the addition of a second wallet for Chris Larsen. Now, this newly activated wallet contains approximately 50 million units of Ripple (XRP).

If the U.S. Security and Exchange Commission (SEC) chooses not to appeal Judge Torres’ decisions in the Ripple lawsuit, Larsen will not move forward with transferring XRP tokens. The court has provided a clear understanding that XRP is not classified as a security on its own and automated sales of the token do not constitute securities transactions.

Among discussions circulating within the XRP community, there’s a question about potential donations made by him to Democratic presidential nominee Kamala Harris. It came as a surprise that he was one of 88 current and former high-profile American executives who endorsed Kamala Harris, which stirred up the cryptocurrency world.

Nevertheless, the CEO of Ripple, Brad Garlinghouse, clarifies that the company views cryptocurrency and blockchain as nonpartisan. Despite Donald Trump’s inclination towards being more pro-crypto and regulators’ leanings, he emphasizes that the technology should be evaluated regardless of political affiliations.

XRP Price Rally to $0.75 Ahead

Over the past day, XRP‘s price surged over 4%, now sitting at approximately $0.586. The price fluctuated between a low of $0.565 and a high of $0.590 during this period. Additionally, there has been a notable uptick in trading activity, with volumes rising by around 11% within the last 24 hours, hinting at heightened trader interest.

1) The positive movement is occurring following XRP transfers by Ripple’s top executive, Chris Larsen. Furthermore, cryptocurrency experts anticipate a continued uptrend for the token, as they remain optimistic about its momentum.

Analyst CredibleCrypto anticipates a price increase to $0.75 for the token, given that it was classified as non-security. Meanwhile, Ripple’s fine of $125 million stands in contrast to the SEC’s initial demand of $2 billion, which they eventually had to pay. Bill Morgan, an advocate for XRP, has also expressed his thoughts on this prediction.

Ripple’s Chris Larsen Transfers 50M XRP After 11 Years of Inactivity

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2024-09-17 13:20