50 million XRP cryptocurrencies transferred : What does this operation by Chris Larsen hide ?

The world of crypto is abuzz again after a massive transaction was made today by Chris LARSEN, co-founder of Ripple. While the market is particularly attentive to the movements of major fortunes, this transfer of several million dollars immediately caught the attention of investors. This type of rare and unexpected transaction revives speculations about the future of XRP, a crypto that continues to attract as much interest as it does concerns.

A massive transaction that intrigues

On September 18, 2024, a wallet held by Chris LARSEN made a transfer of 50 million XRP, with an estimated value of 29 million dollars. According to Whale Alert data, a platform specializing in monitoring large crypto movements, this transaction was the first in more than 11 years for this particular wallet. The transfer was made to an unknown address. This operation immediately led to a 4 % increase in the price of XRP, which reached $0.5845, with a 14.1 % increase in trading volume. Such a quick reaction demonstrates how the market is sensitive 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 co-founder of Ripple. Some observers fear it could be 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 regarding the purpose of this operation.

An unexpected political support and its implications

This transfer comes in a context where Chris LARSEN has shown his political support for Kamala HARRIS, a U.S. presidential candidate, a fact that has not gone unnoticed in the crypto community. Observers speculate that this transfer could be related to a potential donation to support her campaign, although this remains to be confirmed. This stance has surprised many in the sector, as HARRIS is seen as less favorable to cryptos compared to other candidates.

Beyond the political stakes, the XRP market is experiencing a period of transformation, particularly with the launch of the Grayscale XRP Trust, an initiative aimed at attracting institutional investors to this crypto. The addition of institutional funds could provide stability in an often volatile environment. Moreover, the XRPL (XRP Ledger) ecosystem continues to progress, 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’s a donation or a more complex financial strategy, continue to spark speculation about the medium-term prospects of this crypto.

Although Chris LARSEN’s massive transfer has triggered some short-term volatility, its long-term implications remain uncertain. Whether it’s a simple reorganization of his assets or a politically motivated move, this action clearly illustrates how whales can still profoundly influence the crypto market.