- XRP’s $131M transfer sparks panic was Ripple behind it?
- Binance confirms internal transfer no signs of Ripple selling XRP.
- Market stays stable despite initial panic from massive XRP move.
A massive XRP transfer, involving 69,999,999 tokens worth $131,219,756, recently created waves of panic across the cryptocurrency world. The transaction was initially flagged by Whale Alert as “unknown-wallet to unknown-wallet,” which raised immediate concerns and sparked speculation about Ripple’s involvement.
With the uncertainty surrounding the transfer, many traders feared it could indicate a potential market shift or a large-scale liquidation of XRP by Ripple, which would affect both the price of XRP and the broader cryptocurrency market.
At the time of the transfer, XRP was priced at approximately $1.86. While this isn’t enough to categorize the transfer as a multimillion-dollar event, it’s still a significant amount that could potentially influence market sentiment.
Large transactions like this often signal changes in liquidity, which might result in a potential supply surge, leading to a reaction in the altcoin market. This could trigger a “risk-off” mentality, leading to broader market instability as traders react to the possibility of a major shift in supply and demand.
Who’s Behind It?
The panic surrounding the transfer was short-lived after “XRPWallets,” an XRP-focused account on X, stepped in to offer a clarification. According to their explanation, the transfer was part of an internal rebalancing operation within Binance, which involved moving tokens between their hot and cold wallets.
The transfer was merely a logistical move, not an indication of Ripple selling or shifting its holdings. This revelation quickly defused the speculation and put concerns to rest, showing that the transaction was nothing more than a routine exchange procedure.
Also Read: Roundhill Files Updated XRP ETF Amendment with SEC: A Step Forward for Ripple
Market Reaction: How Does This Affect XRP?
Following this clarification, XRP’s price remained relatively stable, trading within the range of $1.85 to $1.80 as per Tradingview data. This suggests that the transfer’s impact on the market was minimal, and the fear of a significant price shift was overblown.
Had the transaction involved the movement of XRP to a public exchange or distribution route, it could have prompted more dramatic price fluctuations, possibly causing the coin to drop to support levels around $1.75 or even $1.70.
However, if XRP can reclaim momentum and break above the $1.95 level, the possibility of a price rally emerges, with potential resistance around the $2.00 mark. If these resistance levels are surpassed, the coin could revisit the $2.10 to $2.20 supply zone, where previous price movements have stalled.
Despite the early panic, the situation seems to have calmed, with the community now aware that this was a routine internal transaction and not an indication of any large sell-offs. Still, the crypto market will remain on high alert, watching closely for any further developments that could shift the sentiment once again.
Also Read: Pundit: “They Are Manipulating XRP Again, and it Shows,” Here’s What Happened
