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Ripple Co-Founder Chris Larsen Shifts $60.5M in XRP During SEC Appeal
In a recent development, Chris Larsen, the co-founder of Ripple, has made headlines by transferring 20 million XRP coins worth approximately $60.5 million during the ongoing SEC appeal. This sudden and substantial move has sent shockwaves throughout the cryptocurrency market, sparking widespread speculation about its implications.
The transaction, which took place on an unknown date, sees Larsen transfer a significant portion of his XRP holdings to an undisclosed address. While it is unclear whether this is a temporary measure or a strategic move for long-term gains, many are interpreting it as a sign of confidence in the cryptocurrency’s potential.
It is worth noting that Chris Larsen has been vocal about his support for Ripple and its native token, XRP. Given his involvement in the project since its inception, his actions and decisions often garner significant attention from investors and enthusiasts alike.
The ripple effect of this move on the market remains to be seen, but it appears to have boosted investor confidence. This sentiment is further reinforced by predictions of a sustained rally despite ongoing uncertainties surrounding the SEC lawsuit.
Ripple scored an initial victory when Judge Torres ruled that XRP was not a security in November 2022. However, the SEC’s subsequent appeal has cast doubt on this outcome once again. The debate centers around whether the token sales to retail investors can be considered unregistered securities transactions under the Howey Test.
As the situation unfolds, many are holding their breaths, eagerly anticipating the outcome of the ongoing legal proceedings.
Source: http://www.crypto-news-flash.com
