Ripple co-founder Chris Larsen moves $60.5 million worth of XRP amid ongoing SEC battle

Chris Larsen, co-owner of Ripple, has sold a large amount of XRP tokens, causing a stir in the cryptocurrency world. The $60.54 million CAC transfer has raised questions about the rationale behind the transfer and its timing, especially at a time when Ripple is embroiled in its legal struggle with the US Securities and Exchange Commission.

Chris Larsen transfers 20 million XRP to an unknown wallet

Another complaint was filed through a blockchain tracking platform Whale alerted that Chris Larsen transferred 20 million XRP Tokens worth approximately $60.54 million to an unknown wallet. This deal raised talking points regarding the potential purposes of the deal leading to the above.

This transfer comes less than two weeks after another whale move of more than 31.17 million XRP tokens, equivalent to more than $80.59 million. In this case, the tokens were sent to Coinbase, giving rise to further speculation about a possible dump. However, Larsen’s decision to turn the company into an obscure wallet has been received differently as cryptocurrency investors focus on the Ripple token once again.

Ripple lawsuit against the US Securities and Exchange Commission: a new development

Larsen’s absence comes at the same time as a new proposal is being filed in the ongoing lawsuit between Ripple and the SEC. Recently the SEC appealed the former The court’s decision That XRP was not a security. These legal proceedings that began in December 2020 have shaped the perception and use of XRP in the market.

The SEC’s appeal reaffirms its position that XRP sales are acts of selling securities under the Howey Test. The appeal challenges the previous ruling that was in favor of Ripple and reignited the debate on whether or not XRP is a security. The latest innovations at the moment have turned the endeavors towards speculation around the XRP-based exchange-traded fund (ETF).

The price of XRP is making notable gains

Following the pricing model above, we noticed this Ripple price It rose more than 10% in the last day to trade at $3.11. This increase also represents a weekly increase of 34.51% and a monthly change of 21.74%. XRP trading volume increased by 74.53% and market capitalization by 9.30%.

Some have singled out this move [the sale of XRP tokens by Chris Larsen to mean that the asset is bullish. This feeling combined with the price action, enhanced the expectation of an increase in XRP’s price target some already estimated at $6.

Market Reaction to XRP Whale Activity

The cryptocurrency market has also reacted in the following ways to large transactions associated with XRP. Earlier, Let’s Talk Bitcoin News reported that whale movements to exchanges such as Coinbase raise high sell signals, while Larsen’s movement to an unknown wallet did not cause similar concerns. However, it has highlighted the trading activity of XRP and possible future developments of the coin.

Large transactions are normally used as a barometer of market sentiment and may provoke trading activity. Analysts and investors are closely watching the Ripple ecosystem in part because the legal status of XRP remains in a grey area. The recent activity proves that the movements of whales and new regulations still influence the stocks significantly.

Currently, the whale activities coupled with legal battles and price movement guarantee XRP to stay relevant to the interest of the cryptocurrency community and forecasting experts.