Ripple News: Chris Larsen Shocks Market with $29M Transfer! Sell-Off Incoming?

Ripple co-founder Chris Larsen recently made waves in the XRP community by transferring 50 million XRP tokens, valued at around $29.1 million, to an unknown wallet. This large transaction, detected by Whale Alert, has sparked widespread curiosity and speculation. It’s the first significant activity from Larsen’s wallet since September 2020, making it a noteworthy event in the crypto world.

Dormant Wallet Reawakens

Larsen’s wallet has been mostly inactive for years. Originally funded with 500 million XRP in 2013, it saw only one small transaction in December 2017, when just 1 XRP was transferred. The last big move was in September 2020, when $115 million worth of XRP was sent from this wallet. Now, the sudden transfer of 50 million XRP has drawn a lot of attention from the community.

Concerns Over Market Impact

As expected, the large transfer has caused concern among investors. Some fear it might lead to a sell-off, pushing XRP’s price, currently at $0.58, even lower. Big transfers like this often raise worries about a potential market dump.

This comes at a time when the overall crypto market is already facing challenges. Many are left wondering why this transfer was made now. Initially, some feared a hack might be involved, especially since Larsen’s wallet was compromised earlier this year, with $112 million stolen.

Was the Move Planned?

However, the data suggests this transfer was intentional. Before the full amount was sent, the receiving address was activated with a smaller 10 XRP transaction, indicating that it wasn’t an accident or a security issue.

Another theory is that the move might be related to politics. Larsen has publicly shown support for U.S. Vice President Kamala Harris, leading some to speculate that the transfer might be tied to political donations. Still, this remains unconfirmed, and no official statements have been made by Larsen or Ripple about the purpose of the transfer.

What’s Next for XRP Price?

The crypto market will be watching closely to see if this transfer has a bigger impact. Large moves like this can influence market trends, and more details may emerge in the coming weeks. For now, the XRP community will keep a close eye on any major changes.

In terms of market performance, XRP has been trading between $0.41 and $0.64 recently, with flat moving averages and a neutral RSI, suggesting a balance between buyers and sellers. If the price breaks above $0.64, it could signal a bullish move. However, if it falls below the uptrend line, XRP could drop to $0.50 or even $0.46, signaling a bearish shift.

The XRP community is holding its breath, waiting to see what this move will mean for the future of the token.

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