Highlights:
- Ripple’s Chris Larsen has triggered the transfer of a whopping 50 million XRP to an unknown destination, sparking reactions among enthusiasts.
- The Ripple executive’s wallet became active again after eleven years to elicit the massive tokens shift.
- XRP price records remarkable changes in its period-specific variables despite the coin transfers.
According to Whale Alert, Ripple’s Chairman, Chris Larsen, has moved 50 million XRP worth approximately $29.12 million to an unknown wallet. The transaction, which occurred in the late hours of yesterday, became the first significant outbound transfer from Larsen’s wallet after about eleven years.
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In the crypto space, transactions like the one above are renowned for shifting market dynamics. However, in Larsen’s case, the destination involved another wallet address, which invariably ruled out dumping or accumulating actions. Hence, chances abound that the transfer could be harmless and have little or no potential influence on XRP’s price actions.
🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallethttps://t.co/D9iopMqePM
— Whale Alert (@whale_alert) September 16, 2024
Larsen’s Wallet Address Historical Details
It is worth noting that Larsen’s wallet address graced the crypto space in February 2013. Subsequently, it was activated with a massive 500 million XRP allocation as part of the Chairman’s share from the token’s supply pool.
After the wallet became active, it only recorded two transactions. For context, in December 2017, the address sent 1 XRP to a destination labeled “rHGdg………QKpje.” Four years later, it received 1.99 XRP from an entity titled uphold.com.
Since then, the wallet never welcomed any token transfer until recently when it moved 50 million XRP to a deposit destination labeled “raorB……..d4gzS.” Notably, before the 50 million XRP deposition, an initial 10 XRP entered the wallet reserve to activate it. Larsen’s available XRP holdings dropped to 450 million tokens following the recent transactions, with 10 XRP in reserve.
Market Participants Speculate on the Possible Reasons for the Transfer
At the time of writing, Whale Alert’s post on X has attracted considerable attention. Notedly, it has generated 128K views with a reasonable number of comments and likes. Interestingly, a user speculated that the token could be in support of the Kamala Harris campaign. The claim seems plausible because Larsen endorsed the United States’ current vice president for the presidency position.
Probably going the Harris campaign……..
— KryptOracle (@KryptOracle) September 17, 2024
Meanwhile, some comments suggested that the fund could be used to settle with the United States Securities and Exchange Commission (SEC). Other users also speculated that the Ripple executive might be planning to dump the tokens. Considering users’ diverse opinions, it becomes apparent that the token transfer goals will remain largely unknown pending Larsen’s disclosure.
XRP’s Price Reaction Amid the Massive Tokens Transfer
Contrary to the general market, which is recording a slight 1.3% decline, XRP is up by about 2.1% from the previous day. It is changing hands at about $0.58. Interesting XRP’s price changes across specific periods have turned profitable, underscoring a possible rebound price action.
For context, XRP’s 7-day-to-date, 14-day-to-date, and month-to-date variable registered price upswings of about 9.2%, 3.3% and 3.7%, respectively. Notably, XRP’s 24-hour trading volume is up by about 11.94% with a $1.16 billion valuation. It is also the seventh most valuable crypto asset, with $33.14 billion in market capitalization.
Despite XRP’s remarkable price actions, XRP has only outperformed 34% of the top-performing cryptocurrencies. In addition, its Fear and Greed Index remained at fear, signifying hesitancy in accumulating the coin. However, sentiment on the token is bullish, with medium volatility and high supply inflation.
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