Ripple Co-Founder’s Strategic XRP Move to Coinbase Amid Market Rally
In a significant move that has caught the attention of the cryptocurrency community, Chris Larsen, co-founder of Ripple, transferred over 8 million XRP to Coinbase as the digital asset nears its all-time high. The transactions, which occurred in quick succession, included 7.6 million XRP sent directly to Coinbase and an additional 2 million XRP moved to external wallets. This activity comes at a pivotal moment for XRP, which has seen a remarkable 50% surge in value this month, currently trading at $3.25—just 4.4% shy of its January 2018 peak. Market analysts are closely monitoring the timing of Larsen's transfers, speculating on potential implications for XRP's price trajectory and broader market dynamics. The move underscores the growing influence of major stakeholders in shaping cryptocurrency markets and highlights Coinbase's role as a preferred platform for high-volume transactions. As XRP continues its upward momentum, all eyes are on whether it will break its historical record and how such large-scale transfers might impact its liquidity and investor sentiment.
Ripple Co-Founder Moves 8M XRP to Coinbase Amid Price Surge
Chris Larsen, co-founder of Ripple, transferred over 8 million XRP to Coinbase as the cryptocurrency approaches its all-time high. The transactions, executed in rapid succession, included 7.6 million XRP sent to Coinbase and another 2 million XRP directed to external wallets.
XRP has surged 50% this month, trading at $3.25—just 4.4% below its January 2018 peak. Market observers are scrutinizing the timing of Larsen's transfers, which coincide with the token's bullish momentum.
Crypto Stocks Rally as House Advances Key Regulatory Bills
Crypto-related stocks surged Thursday after the U.S. House of Representatives passed two landmark bills aimed at regulating digital assets, signaling long-awaited clarity for the industry. Investors responded positively, pushing major crypto equities to fresh highs despite subdued movement in token prices.
Coinbase (COIN), the largest U.S. crypto exchange, ROSE 3.2% to close above $410 for the first time, pushing its market cap past $100 billion. Stablecoin issuer Circle (CRCL), behind the $62 billion USDC, gained 0.8% after recovering from an early dip. Trading app Robinhood (HOOD) jumped 2.6% to a record high, while Galaxy Digital (GLXY) advanced 6% on the day.
The rally came as lawmakers approved the Digital Asset Market Structure Bill (CLARITY Act) and the GENIUS Act for stablecoins. Despite bullish sentiment in equities, digital asset prices were mixed. Bitcoin hovered around $119,000, down 0.9%, while ethereum remained flat at $3,400. XRP saw a notable gain, climbing 8% over 24 hours.