In a major XRP news on Thursday, Ripple co-founder Chris Larsen transferred large numbers of XRP coins to an unknown wallet, creating buzz and accumulation in the XRP community. Larsen’s massive XRP move comes after the token price gained traction over the past 24 hours and the US SEC challenged its status as a security in a fresh filing.

XRP Transfer by Chris Larsen, Ripple Co-Founder

XRP coins worth $60.54 million were from a wallet-linked to Chris Larsen to an unknown wallet, according to Whale Alert. The transfer related to the Ripple co-founder has sparked speculation that the objective could be to accumulate more XRP tokens as the current move involves as many as 20 million tokens.

Source: Whale Alert

Interestingly, an XRP whale wallet had previously moved over 31.17 million XRP coins worth more than $80.59 million to Coinbase. This had triggered speculation that the XRP whale would sell the holdings. Such an activity would have triggered a price dip; however, the current XRP news of 20 million tokens being moved to an unknown wallet has boosted the interest of crypto investors in XRP coins.

US SEC v. Ripple Lawsuit

XRP news of token transfer by Ripple co-founder Chris Larsen comes after the US SEC filed a fresh appeal against the judgment which declared that XRP was not securities. With this development, the SEC XRP lawsuit has taken a new turn and put speculation for XRP ETF to rest for a while. The lawsuit was first filed in December 2020 and was later declared in favor of Ripple when Judge Torres delivered her judgment citing that XRP was not a security.

Recent development in the Ripple SEC lawsuit brings back the argument that XRP is a security under the Howey Test as the sale made was in terms of an investment contract. The argument further notes that the sale of XRP by Ripple to retail investors constitutes unregistered securities transactions.

XRP Price Analysis

XRP price saw a significant surge of over 10% in the last 24 hours, with XRP exchanging hands at $3.11. It further reflects a rise of 34.51% in a week and 21.74% in a month. The 24-hour trading volume has gained 74.53% along with a growth of 9.30% in the market cap.

The transfer of XRP coins by Ripple co-founder Chris Larsen, has come as a positive sign for the holders of the token. This has also strengthened XRP price forecast to $6 as bullish sentiments loom over the Ripple ecosystem.

The post XRP News: Ripple Co-Founder Chris Larsen Moves $60.5M in XRP Amid US SEC Filing appeared first on CoinGape.

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Filed under: News - @ January 16, 2025 8:58 am