😳😳😳 #Ripple💰 Chairman #ChrisLarsen Moves 50M $XRP for the First Time in 11 Years

In a recent development, a significant XRP transaction marked the first major outbound transfer from a long-dormant #wallet🔥 since its creation. This wallet, established during the early days of the XRP Ledger (XRPL) and funded with a massive 500 million XRP in February 2013, is linked to Ripple Chairman Chris Larsen.

Since its inception, the wallet remained largely inactive, with only 1 XRP transferred out in December 2017. However, whale tracking resource Whale Alert flagged a large outflow from the wallet last night, drawing attention.

Details of the XRP Transaction

- According to on-chain data, the transaction took place on September 16 at 23:17 UTC, involving exactly 50 million XRP, worth $29.12 million at the time. The funds were moved to an unknown wallet address, starting with "rao…gzS," created specifically for this transfer.

- Given the wallet’s inactivity and the size of the transaction, speculation initially swirled about a possible hack. However, sources from The Crypto Basic confirmed that this was unlikely.
It’s worth noting that similar movements occurred in February, when another wallet associated with Larsen was hacked, resulting in the theft of over 212 million XRP. However, in this case, on-chain data suggests the transfer was likely authorized by Larsen himself.

Internal Fund Movement

- The sending wallet was responsible for activating the recipient address ("rao…gzS") with 10 XRP at 23:11 before transferring 50 million XRP shortly after. As of now, the recipient wallet is holding the funds, easing concerns of a security breach.

- The purpose of the transfer remains unclear, sparking speculation, with some jokingly suggesting it might support Kamala Harris' presidential campaign, as Ripple's Larsen publicly endorsed her, along with Uphold's J.P. Theriot. However, this remains speculative.

Source - thecryptobasic.com

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😳😳😳 $XRP Price Risks Crash to $0.45 As #ChrisLarsen Endorses #kamalaHarris

Ripple Price Under Pressure Amid Global Concerns and Political Ties

- Ripple (XRP) dropped below key support on September 6, impacted by a global market downturn and #Bitcoin’s decline. XRP also faced scrutiny after Ripple Chairman Chris Larsen endorsed Kamala Harris for president, raising concerns in the XRP community due to her administration's perceived anti-crypto stance.

Chris Larsen’s Endorsement and Investor Concerns

- Larsen's support for Harris, despite the SEC's hostility toward cryptocurrencies, puzzled XRP investors. Ripple recently reduced its SEC fine to $125 million, but this political endorsement may polarize opinions and impact investor sentiment.

Economic Fears and Ripple Price Outlook

- Weak U.S. economic reports and fears of a recession are affecting crypto markets. XRP, down 1.6% and trading at $0.5279, remains bearish. If it breaks the $0.485 support, further declines to $0.45 are possible. Bulls need to reclaim $0.540 for a potential shift in momentum. Traders are advised to wait for a bounce from the $0.485 support before considering long positions.

Source - coingape.com

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