7:00 a.m. ▪
4
min read ▪ by
Luc Jose A.
The crypto universe is once again in turmoil after a massive transaction made today by Chris LARSEN, co-founder of Ripple. While the market is particularly attentive to the movements of large fortunes, this transfer of several million dollars immediately made investors react. This type of transaction, rare and unexpected, revives speculations on the future of XRP, a crypto that continues to generate as much interest as concerns.
A massive transaction that intrigues
On September 18, 2024, a wallet owned by Chris LARSEN made a transfer of 50 million XRP, worth an estimated $29 million. According to data from Whale Alert, a platform specializing in monitoring large crypto movements, this transaction was the first in over 11 years for this particular wallet. The transfer was made to an unknown address. This operation immediately caused the price of XRP to rise by 4%, reaching $0.5845, with a 14.1% increase in trading volume. Such a rapid reaction demonstrates how sensitive the market is to the actions of “whales” like Chris LARSEN, whose every move is closely scrutinized.
In addition to its size, this transfer represents about 10% of the XRP assets held by the Ripple co-founder. Some observers fear that this is a precursor to a massive sell-off, a dreaded situation in the crypto world, where sudden transactions can lead to significant price drops. For now, no official information has been released as to the purpose of this operation.
Unexpected political support and its implications
The move comes amid reports that Chris LARSEN has shown political support for US presidential candidate Kamala HARRIS, a fact that has not gone unnoticed in the crypto community. Observers speculate that the move could be linked to a possible donation to support her campaign, although this remains to be confirmed. The move has surprised many in the industry, as HARRIS is perceived as less crypto-friendly than other candidates.
Beyond the political issues, the XRP market is undergoing a period of transformation, notably with the launch of the Grayscale XRP Trust, an initiative that aims to attract institutional investors to the crypto. The addition of institutional funds could provide stability in an often volatile environment. Additionally, the XRPL (XRP Ledger) ecosystem continues to grow, with an increase in the total value locked (TVL) in DeFi projects based on this blockchain. While these developments indicate a renewed interest in XRP, LARSEN’s actions, whether it is a donation or a more complex financial strategy, continue to spark speculation about the medium-term prospects of the crypto.
While Chris LARSEN’s massive transfer has triggered some short-term volatility, its longer-term implications remain uncertain. Whether it’s a simple reorganization of his assets or a politically motivated move, the move illustrates how whales can still profoundly influence the crypto market.
Maximize your Cointribune experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Luc Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations and put into perspective the economic and societal challenges of this ongoing revolution.
