XRP Price Fluctuates as Ripple Co-Founder’s Transfers Puzzle Community

In recent developments, the cryptocurrency XRP has been experiencing notable price fluctuations amid a series of intriguing token transfers by Ripple co-founder Chris Larsen. The 64-year-old billionaire moved 3 million XRP tokens to Binance and an additional 15 million tokens to a Bittrex-activated wallet on Monday, sparking speculation within the XRP community about the purpose of these transfers.

Mysterious Movements: Chris Larsen’s XRP Transfers

Larsen, known for his automotive enthusiasm and political involvement, has a history of making headlines. Last year, he drew attention with his Porsche 918 Spyder, a modern icon in the automotive world. His recent token movements have led some community members to jokingly suggest he might be eyeing another luxury vehicle purchase.

Beyond his personal interests, Larsen has been actively involved in various ventures. He recently led a funding round for Yellow, a cryptocurrency-based decentralized clearing network, alongside backers such as Consensys and Moonrock Capital. The Ripple co-founder has also invested heavily in security infrastructure across San Francisco and remains a significant political donor in the city.

As one of Ripple’s founders, Larsen received 5.19 billion XRP tokens at the company’s inception. Despite XRP’s current price being far from its all-time high, Larsen maintains an estimated net worth of $3.2 billion, securing his position as one of the wealthiest figures in the cryptocurrency space.

Market Analysis: XRP’s Price Action and Future Outlook

Meanwhile, XRP’s price action has been the subject of close analysis by market experts. Crypto analyst Cheeky Crypto recently provided insights into both short-term and medium-term price outlooks for XRP in a YouTube video. The analysis highlighted recent volatility that has led to liquidations of both long and short positions, creating potential opportunities for savvy traders.

According to Cheeky Crypto, XRP is currently in what appears to be the fifth wave of an Elliott Wave pattern, with a modest gain of 3% to 5% expected. The target range is set between $0.615 and $0.624, although further downside movement is possible before this wave completes.

The analysis also pointed out key resistance levels between $0.5919 and $0.594, with the 200 EMA serving as a critical support level. A break below the 50 EMA could signal additional downward pressure. In the near term, the outlook leans bearish, with $0.57 identified as a key support level. If this level fails to hold, XRP could potentially drop to $0.46.

Despite the short-term bearish outlook, the medium-term potential for XRP remains positive. If the token can break through key resistance levels, it could target the $0.75 to $0.85 range, according to the analysis.

As of the latest data, XRP is trading below $0.590 and the 100-hourly Simple Moving Average. A major bearish trend line has formed with resistance at $0.5850 on the hourly chart. For a fresh increase, XRP needs to settle above $0.5920 and $0.600 in the near term.