Ripple Co-Founder Chris Larsen Transfers $60.5M in XRP Amid SEC Appeal Filing
Key Highlights:
- Massive XRP Transfer: Ripple co-founder Chris Larsen moved 20 million XRP tokens, worth approximately $60.54 million, to an unknown wallet, as reported by Whale Alert. This move comes amid increased speculation within the XRP community.
- SEC Lawsuit Development: Larsen’s transfer follows the US SEC’s latest appeal in the Ripple lawsuit. The SEC challenges the earlier ruling that XRP is not a security, reigniting discussions about its regulatory status under the Howey Test.
- Market Reaction: Despite the legal developments, XRP’s price surged by 9.47% in the last 24 hours, trading at $3.11. Over the past week, XRP has gained 34.51%, while its monthly growth stands at 21.74%. Trading volume has also jumped 74.53%, reflecting strong investor interest.
XRP Whale Activity:
- The transfer by Chris Larsen coincides with another significant whale transaction, where 31.17 million XRP tokens worth $80.59 million were sent to Coinbase. This raised speculation about potential selling, but Larsen’s transfer has shifted sentiment toward accumulation instead of liquidation.
Ripple Ecosystem Outlook:
- The XRP community views Larsen’s transaction as a bullish signal, fueling optimism for the token’s price forecast, which some analysts expect could reach $6. The ongoing lawsuit and regulatory uncertainties, however, remain key factors influencing market sentiment.
As the SEC and Ripple battle continues, XRP’s performance showcases resilience, with investor confidence bolstered by high-profile actions within the Ripple ecosystem.
