Ripple Co Founder Spotted Selling $40M XRP: In a shocking turn of events, Ripple’s co-founder, Chris Larsen, has been spotted selling a massive $40 million worth of XRP. This news broke on Monday, September 23, 2024, causing a stir in the cryptocurrency community. The sale has raised concerns about the future of XRP, with many investors worried about the potential impact on the coin’s price.
On-chain data revealed that Larsen transferred 50 million XRP from his personal wallet. This transaction was first noticed by WhaleAlert, a prominent blockchain tracker, which alerted its 2.4 million followers about the movement. The news quickly spread, leading to a 5% drop in XRP’s price from its recent peak of $0.61 to as low as $0.57.
The timing of Larsen’s sale has sparked speculation among traders and analysts. Some believe that Larsen might be cashing out due to concerns about the ongoing legal battle between Ripple and the SEC. The lawsuit, which has been dragging on for years, accuses Ripple of conducting an unregistered securities offering by selling XRP. Despite some recent positive developments for Ripple, the case is far from over, and uncertainty continues to loom over the company and its cryptocurrency.
Others speculate that Larsen’s sale could be a strategic move to diversify his portfolio. As one of the largest holders of XRP, Larsen’s financial decisions can significantly impact the market. By selling a portion of his holdings, he might be looking to reduce his exposure to XRP and invest in other assets.
The news of Larsen’s sale has also led to a flurry of activity among other large XRP holders, commonly known as whales. On-chain data shows an increase in large transactions, with several wallets moving significant amounts of XRP. This heightened activity has added to the volatility, making it difficult for traders to predict the coin’s next move.
Despite the recent sell-off, some analysts remain optimistic about XRP’s long-term prospects. They argue that the coin’s fundamentals remain strong, and the ongoing developments in the Ripple ecosystem could drive future growth. Ripple has been making strides in expanding its payment network, with several new partnerships announced in recent months. These partnerships aim to increase the adoption of XRP for cross-border payments, which could boost demand for the coin.
However, the short-term outlook for XRP remains uncertain. The coin is currently trading near a critical support level of $0.5575. If it fails to hold this level, it could see further declines. Traders are closely watching the market for any signs of a rebound or further sell-off.
The broader cryptocurrency market has also been affected by the news. Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have seen minor declines in response to the XRP sell-off. This correlation highlights the interconnected nature of the crypto market, where significant events involving one coin can impact others.