A high-value XRP transaction involving the transfer of over $500 million has sparked debate within the crypto community over possible market manipulation. The event involved the movement of 236.98 million XRP, valued at approximately $567 million, withdrawn from the Kraken exchange in a single transaction.
Despite the size of the transfer, XRP’s market price showed no significant movement, currently trading at $2.4 with a modest 0.6 percent drop from last week. This lack of reaction has led to growing concerns among traders and analysts, especially as other assets like Bitcoin have recently experienced major gains.
Stellar Expert on X points out that such a transaction should have resulted in movement on trading charts. He noted the absence of price spikes or unusual wicks, raising the question of whether the market is functioning naturally. He points out that the event raises eyebrows and that supporters of XRP should take notice.
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Digital G, a pseudonymous former City of London fund manager, echoed the concern. According to him, a transaction involving more than a quarter-billion XRP with zero price movement is unusual.
He encouraged people to look more closely at whether there are signs of manipulation in the XRP market because of such inactivity.
Analysts Point to Selling Pressure and Market Structure
Blockchain data provides additional context, revealing that the transaction likely involved a simple withdrawal rather than a direct market buy. The XRP tokens were moved from Kraken to a non-custodial wallet, which typically signals a shift to cold storage rather than immediate trading.
While such actions are usually considered bullish, they do not impact exchange order books unless preceded by a direct purchase.
According to Ripple’s Chief Technology Officer, David Schwartz, the transaction is probably related to a withdrawal. He noted that though this doesn’t confirm a recent purchase, the whale could have bought some tokens before moving them.
At the same time, order book researchers point to strong sales pressures, with whales selling about 240 million XRP on popular platforms including Coinbase and Upbit over the past week. The selling could have canceled out the benefits of the whale’s transaction.
The large XRP withdrawal of nearly $567 million has left people wondering if the token’s market is transparent and how the pricing works. Even though the blockchain confirms a wallet transfer, the fact that prices haven’t moved stirs the suspicion of possible manipulation.
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