Ripple Co-Founder Chris Larsen Transfers $60.5M Worth of XRP, Igniting Market Interest

This move follows a recent price surge of XRP and a new filing by the US SEC challenging XRP's security status.

Ripple co-founder Chris Larsen transferred a massive amount of XRP to an unknown wallet, sparking interest in the cryptocurrency market. According to Whale Alert, Larsen moved 20 million Ripple tokens, valued at $60.54 million at the time of transfer, from a wallet linked to him. This large-scale transfer has ignited speculation in the crypto community.

🚨 🚨 🚨 20,000,000 #XRP (60,549,568 USD) transferred from Chris Larsen to unknown wallethttps://t.co/TVvZGPrcwm

Moreover, another noteworthy transaction was observed by crypto trackers. A whale wallet performed a transfer of over 31.17 million Ripple tokens to Coinbase, hinting at a possible sell-off. However, despite these events, XRP fiyatı remained largely stable, without any significant dips. This market resilience has maintained confidence among Ripple investors.

This XRP transfer also coincides with a new filing by the US SEC in the Ripple case. The SEC is appealing the court’s earlier decision, which stated that XRP is not a security. This legal development has once again raised questions about whether Ripple's XRP sales to retail investors can be classified as unregistered securities transactions.

For context, the SEC filed a lawsuit against Ripple in December 2020 over allegations of offering and selling digital asset securities without registering them with the agency. However, a major shift occurred in April 2021 when a judge ruled in Ripple's favor on the matter of XRP sales. Now, the SEC is appealing this decision, arguing that the lower court erred in its XRP analysis.

This Ripple case, which involves the SEC arguing that XRP is an investment contract under the Howey Test framework, is being closely followed by the crypto industry. A decision in the SEC's favor could have broader implications for the classification and regulation of cryptocurrencies in the United States.

Meanwhile, XRP fiyatı surged over 10% in the past 24 hours, reaching $3.11. This price increase was accompanied by a significant surge in volume and market cap. Notably, XRP’s price went up by 34.51% over the past week and rose by 21.74% in the last 30 days.

During this period, the token experienced a ۷۴.۵۳% increase in trading volume. This surge in volume is indicative of the heightened investor interest and activity around XRP, especially in light of the recent developments concerning Ripple and the cryptocurrency's performance in the market.