$XRP

XRP Update: Ripple Co-Founder Chris Larsen Shifts $60.5M in XRP Amid SEC Filing

On Thursday, major buzz surrounded the XRP community as Ripple co-founder Chris Larsen transferred a significant amount of XRP tokens to an unknown wallet. The move coincides with growing market interest in the token over the past 24 hours and a fresh SEC filing challenging XRP’s classification as a non-security.

Chris Larsen’s $60.5M XRP Transfer

Chris Larsen, a co-founder of Ripple, moved XRP tokens valued at $60.54 million from a wallet associated with him to an unknown address, as reported by Whale Alert. The transfer, involving 20 million XRP tokens, has triggered speculation that Larsen’s goal could be to accumulate more XRP during its current price momentum.

Previously, an XRP whale wallet transferred 31.17 million tokens worth over $80.59 million to Coinbase, sparking rumors of a potential sell-off. Despite concerns that such an event could lead to a price drop, Larsen's recent transfer to an unidentified wallet has reignited investor interest in XRP, with some interpreting the activity as a positive signal.

Ripple vs. US SEC Lawsuit

This transfer comes on the heels of the SEC filing an appeal against a prior ruling that XRP is not a security. Originally filed in December 2020, the lawsuit took a significant turn in Ripple's favor when Judge Torres ruled that XRP does not meet the Howey Test for securities.

However, the latest developments in the case have reignited debates about XRP’s status, temporarily halting speculation regarding the approval of an XRP-based ETF.

XRP Price Insights

Over the past 24 hours, XRP has experienced a remarkable price increase of over 10%, trading at $3.11. Weekly gains stand at 34.51%, while monthly growth is at 21.74%. Its 24-hour trading volume surged by 74.53%, with a 9.30% rise in market capitalization.

The timing of Chris Larsen’s transfer has been perceived as a favorable signal by XRP holders. Combined with growing optimism in the Ripple ecosystem, analysts project a potential price target of $6 as bullish sentiment