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

Ripple co-founder and executive chairman Chris Larsen made the first transfer of XRP after 11 years, sparking speculation within the crypto community. XRP price soared over 4% in the last 24 hours after Chris Larsen moved 50 million coins to another wallet.

Ripple Executive Chairman Chris Larsen Moves XRP Worth $29M

In a major XRP news in the last 24 hours, Chris Larsen-linked wallet has moved 50 million XRP tokens valued at over $29 million, reported Whale Alert on September 17. This marks a significant moment as he transferred 50 million XRP from 500 million in his wallet after 11 years of inactivity.

The transfer to an unknown new wallet has raised speculation among XRP holders. The first significant movement from his wallet since its creation in 2013 has implications for the native crypto’s market dynamics. It was confirmed to a an intentional transfer by Larsen.

The new wallet raorBmbz.. was activated by rhREXVHV.., making it the second wallet for Chris Larsen. The wallet now holds 50 million XRP.

With the Ripple lawsuit now almost over if there is no appeal by the US SEC against Judge Torres’ decisions, Larsen is not transferring the tokens. XRP has gained clarity from the court that the token is not a security in itself and programmatic sales are also not securities transactions.

Another speculation within the XRP Army is about possible donations to Democratic presidential candidate Kamala Harris. He was revealed to be among 88 current and former American top executives endorsing Kamala Harris. This shocked the crypto community.

However, Ripple CEO Brad Garlinghouse clears that the company sees crypto and blockchain as bipartisan. While Donald Trump and regulators have leaned into being more pro-crypto, he claims that one “shouldn’t care about a technology” depending on political parties.

XRP Price Rally to $0.75 Ahead

XRP price jumped more than 4% in the past 24 hours, with the price currently trading at $0.586. The 24-hour low and high are $0.565 and $0.590, respectively. Furthermore, the trading volume has increased by 11% in the last 24 hours, indicating a rise in interest among traders.

The upside move has come amid XRP transfer by Ripple executive Chris Larsen. Also, crypto analysts are bullish on the upside momentum in the token.

Analyst CredibleCrypto targets $0.75 next as the token was deemed not a security and Ripple pays a relatively small penalty of $125 million as compared $2 billion asked by the SEC. Pro-XRP lawyer Bill Morgan also reacted to the prediction,

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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