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- Chris Larsen’s transfer of 20 million XRP valued at $60.67 million amid ongoing SEC legal issues stirs market speculation.
- XRP’s 45% weekly surge to $3.31, driven by ETF optimism and market resilience, defies SEC-related uncertainties.
Chris Larsen, co-founder of Ripple, transferred XRP coins valued at $60.67 million to an unidentified wallet, creating a stir in the crypto market. Whale Alert reported that 20 million tokens were involved in the transfer. The development occurred amid Ripple’s ongoing legal dispute with the US SEC and a recent surge in XRP’s price, drawing significant attention from investors.
The timing of this massive transfer is notable, as it coincides with renewed debates surrounding XRP’s classification as a security. Earlier, a US court ruled that XRP was not a security, dealing a blow to the SEC’s stance. However, the SEC has since filed a fresh appeal challenging that decision, reigniting uncertainty in the market.
80 Million XRP Moved in 5 Months
Larsen’s transaction history provides some context. Last September, his wallet moved 50 million XRP to an unknown address, marking its first high-value activity since its creation in 2013. Following that, Larsen reportedly liquidated part of the assets and took two weeks to sell off the remainder.
This recent transfer of 20 million XRP is part of a broader trend. Since January, his wallet has moved 80 million XRP within just five months, following 11 years of dormancy. On January 6, Larsen sent 10 million XRP directly to Coinbase, further fueling rumors of a liquidation strategy.
Currently, Larsen’s wallet holds 420 million XRP, down from the 500 million initially received in 2013. However, XRPScan data reveals that Larsen controls a staggering 2.72 billion tokens across six wallets, solidifying his significant stake in the ecosystem.
XRP Surges 45% in a Week — What’s Driving the Rally?
As we reported earlier, XRP prepares for breakout pro-crypto stances. The token saw a 20% price increase in the past 24 hours, trading at $3.31. Over the past week, it has surged by 45%, while monthly gains stand at 22%. Trading volume spiked by 75%, accompanied by a 20% rise in market capitalization.
Crypto market analysts are optimistic about XRP’s price trend, with predictions of the token reaching the $4 mark soon.
One of the driving forces behind this bullish sentiment is the prospect of a spot XRP ETF being approved in the US. Strong market fundamentals and technical indicators suggest a sustained rally despite the uncertainties posed by the SEC lawsuit.
While Ripple scored a temporary win when Judge Torres ruled that XRP was not a security, the SEC’s appeal has brought the issue back to the forefront. The debate centers around whether the token sales to retail investors constitute unregistered securities transactions under the Howey Test.
