XRP’s on-chain activity again drew attention after Whale Alert flagged a large-scale transaction worth over $237 million. The movement involved 236,982,972 XRP tokens transferred from Kraken’s crypto exchange to an unknown wallet address.
There was little movement in the market price of XRP, even though large amounts of the currency moved at the time. CoinGecko said the token has declined by 3% to $2.40 over the past 24 hours.
Quickly after the alert appeared, users on X began talking, and someone suggested that the buy might indicate a significant order had been placed. DigitalG remarked in a post that given how much XRP has been moved, the market showing almost no price change is concerning.
XRP community members have started raising questions about continued price manipulation. The fact that such a significant token supply change did not move markets is understandable to many.
Ripple Executive Responds as Community Raises Eyebrows
As stated by Whale Alert, $237 million in XRP was moved from Kraken to an unnamed wallet. When this occurs, it more often suggests a company is choosing to sell assets instead of buying them.
David Schwartz, the Chief Technology Officer of Ripple, offered his thoughts. The statement said it was “almost completely certain” that the movement was an exchange withdrawal and not buying.
His movement resembles the larger XRP transfers that were identified earlier this month. These significant investments did not create any apparent price changes at the time.
Moreover, analysts believe that cold storage and management activity are behind many such transfers rather than any actions taken in the market.
Token transfers of large values from big exchanges to secret wallets are frequently understood as investors or big companies storing their coins on their own. Usually, such a trend does not cause sudden changes in market prices.
Conclusion
Since the size of the XRP transfer stood out, Ripple’s CTO explained that it wasn’t likely meant as a new fresh buy order. Because there was no reaction in the market price, it seems the transaction had no immediate trading effect.
