A major transfer of 50 million XRP by Ripple Labs Inc. co-founder Chris Larsen has sparked concern among market participants.
Market Reaction to Larsen’s Transfer
Based on the current market value, the transfer is worth approximately $29 million. It is noteworthy that the 50 million XRP represents only 10% of the total XRP in Larsen’s wallet. The transfer triggered a 4% price rally within 24 hours. The trading volume also increased by 14.1%, reaching $1.17 billion, making XRP the eighth most traded crypto asset.
The Kamala Harris Connection
Some netizens suspect that Larsen may be planning to donate the cryptocurrency to support Kamala Harris’s presidential campaign. Larsen is among 88 top executives who have recently endorsed her candidacy.
Increased Use of XRP and XRPL
In recent weeks, the use of XRP and XRP Ledger has increased, largely due to the recognition that XRP is not considered a security. For instance, Grayscale launched its XRP Trust, indicating institutional players' interest in this asset. Additionally, XRPL's Total Value Locked (TVL) rebounded to $14.67 million at the time of writing.
Major transfers of cryptocurrency assets by Ripple founders such as Chris Larsen generate interest and concern among market participants. At the same time, growing interest in XRP and its technologies indicates potential positive prospects for this crypto asset.
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