Is Ripple Chris Larsen’s 50M XRP Linked To SEC Lawsuit?

Ripple co-founder and executive chairman Chris Larsen made the first transfer of 50 million XRP after 11 years, sparking speculation within the crypto community. The move comes after the end of the Ripple vs SEC lawsuit, with a potential appeal by the SEC pending this month. After two days of the move, the tokens are still in the new wallet.

Ripple Executive Chairman Chris Larsen Moves XRP Worth $29M

In a major XRP news in the last 24 hours, Chris Larsen-linked wallet has moved 50 million tokens valued at over $29 million, reported Whale Alert on September 17. This marks a significant moment as he transferred millions of tokens from 500 million in his wallet after 11 years of inactivity.

The transfer to an unknown new wallet has raised speculation among crypto holders. The first significant movement from his wallet since its creation in 2013 has implications for the native crypto’s market dynamics. It was confirmed to a an intentional transfer by Larsen.

The new wallet raorBmbz.. was activated by rhREXVHV.., making it the second wallet for Chris Larsen. The wallet now holds 50 million tokens.

With the Ripple lawsuit now almost over if there is no appeal by the US SEC against Judge Torres’ decisions, Larsen is not transferring the tokens. XRP has clarity from the court that the token is not a security in itself and programmatic sales are also not securities transactions.

Another speculation within the XRP Army is about possible donations to Democratic presidential candidate Kamala Harris. He was revealed to be among 88 current and former American top executives endorsing Kamala Harris. This shocked the crypto community.

However, Ripple CEO Brad Garlinghouse clears that the company sees crypto and blockchain as bipartisan. While Donald Trump and regulators have leaned into being more pro-crypto, he claims that one “shouldn’t care about a technology” depending on political parties.

Will Price Rally to $0.75 Ahead?

XRP price pared most of the gains ahead of speculation surrounding Fed rate cuts, with the price currently trading at $0.568. The 24-hour low and high are $0.567 and $0.593, respectively. Furthermore, the trading volume has decreased by 18% over the last 24 hours, indicating a fall in interest among traders.

The transfer by Ripple executive Chris Larsen has failed to maintain the upside momentum. However, crypto analysts still remain bullish as the SEC lawsuit almost ended.

Analyst CredibleCrypto targets $0.75 next as the token was deemed not a security and Ripple pays a relatively small penalty of $125 million as compared $2 billion asked by the SEC. Pro-XRP lawyer Bill Morgan also reacted to the prediction, agreeing to the massive rally.