Chris Larsen Moves 20 Million XRP to Unknown Wallet

Chris Larsen co-owner of Ripple has sold a large amount of XRP tokens, creating buzz within the crypto world. The CAC transfer worth $60.54 million has put

Chris Larsen, co-owner of Ripple, has transferred a large amount of XRP tokens, sparking discussion within the crypto world.

According to blockchain tracking platform Whale Alert, Larsen has moved 20 million XRP tokens, valued at approximately $60.54 million, to an unidentified wallet.

This transaction has raised questions about the possible rationale and timing of the transfer, particularly in light of Ripple's ongoing legal battle with the US Securities and Exchange Commission (SEC).

Notably, this transfer follows another large-scale movement of more than 31.17 million XRP tokens, valued at over $80.59 million, that occurred less than two weeks ago. In that instance, the tokens were reportedly sent to Coinbase, prompting speculation about a potential dump.

However, Larsen's decision to shift the tokens to an unknown wallet has garnered a different response, as investors in cryptocurrencies continue to focus on the Ripple token.

Meanwhile, in a new development related to the SEC lawsuit, the agency has filed an appeal against the previous court decision that stated that XRP was not a security.

This appeal comes as the SEC maintains its stance that the sales of XRP constituted acts of securities sale under the Howey Test. The appeal aims to overturn the previous ruling that favored Ripple and sparked discussions about whether XRP should be classified as a security.

In recent times, there have been speculations about a possible XRP-based exchange-traded fund (ETF).

Moreover, XRP price experienced a significant rise of over 10% in the last 24 hours, trading at $3.11 at the time of writing.

This surge also marks a weekly increase of 34.51% and a monthly change of 21.74%. Additionally, XRP trading volume surged by 74.53%, while market capitalization increased by 9.30%.

Some market observers have interpreted this move, specifically the sale of XRP tokens by Chris Larsen, as a bullish signal for the asset.

This sentiment, coupled with the price action, has led to anticipation of a rise in XRP's price target, with some speculating on a potential surge to $6.

Notably, the market has reacted differently to large transactions involving XRP.

As reported by Let's Talk Bitcoin News, large-scale movements of XRP to exchanges, such as Coinbase, have raised concerns about possible sell signals. However, Larsen's transfer to an unknown wallet did not elicit similar apprehensions.

Nevertheless, this activity has highlighted the trading dynamics of XRP and its potential future developments.

Moreover, large transactions often serve as a barometer of market sentiment and can trigger further trading activity.

Due to the legal status of XRP remaining in a grey area, market analysis and investors have maintained a close watch on the Ripple ecosystem.

Evidently, the movements of whales and regulatory updates continue to significantly influence the stock, while legal battles, price movements, and whale activities ensure that XRP will continue to captivate the interest of the crypto community and market pundits.