Ripple executive chairman Chris Larsen transfers 50M XRP after 11 years, triggering speculation of donations to Kamala Harris and price to $0.75.
Ripple co-founder and executive chairman Chris Larsen made his first XRP transfer in 11 years, sparking speculation within the cryptocurrency community.
In the past 24 hours, XRP’s price surged over 4% after Larsen moved 50 million coins to a new wallet.
Ripple Chairman Chris Larsen Moves XRP Worth $29M
According to Whale Alert, on September 17, a wallet linked to Chris Larsen transferred 50 million XRP tokens valued at more than $29 million.
This transfer marks a significant event, as it is the first time in 11 years that Larsen has moved funds from his 500 million XRP holdings.
The transfer to an unidentified wallet has fueled speculation among XRP holders. This is the first major activity from Larsen’s wallet since its creation in 2013, and it was confirmed that the movement was an intentional transfer by Larsen. T
he new wallet, raorBmbz.., was activated by rhREXVHV.. and now holds the 50 million XRP.
With the Ripple lawsuit nearing its conclusion, pending no appeal from the US SEC against Judge Torres’ rulings, Larsen’s transfer does not appear related to the legal case.
The court clarified that XRP itself is not a security, and programmatic sales are also not considered securities transactions.
Speculation within the XRP community has also emerged regarding potential donations to Democratic presidential candidate Kamala Harris.
Larsen was among 88 top executives endorsing Harris, which surprised many in the crypto space.
However, Ripple CEO Brad Garlinghouse emphasized that the company views crypto and blockchain as bipartisan issues.
He noted that although figures like Donald Trump and regulators have shown more pro-crypto stances, one “shouldn’t care about a technology” based on political affiliations.
XRP Price Rally to $0.75 Ahead
XRP’s price has risen by over 4% in the past 24 hours, currently trading at $0.586, with a low and high of $0.565 and $0.590, respectively. Trading volume also increased by 11%, indicating growing interest from traders.
The price movement comes after Chris Larsen’s XRP transfer, and analysts are optimistic about the token’s upward momentum.
Analyst CredibleCrypto predicts XRP will target $0.75 next, following the court’s decision that XRP is not a security and Ripple’s relatively small penalty of $125 million, compared to the SEC’s initial demand of $2 billion. Pro-XRP lawyer Bill Morgan also commented on this bullish prediction.
