Whale Alert, a well-known blockchain tracker, recently flagged a massive transaction involving $237 million worth of XRP. The transfer took place approximately 16 hours ago, drawing widespread attention from the crypto community. Although the size of the transaction suggested a possible large-scale purchase, Ripple’s Chief Technology Officer David Schwartz has dismissed this notion.
Community Questions Market Reaction
Shortly after Whale Alert posted the transaction, a post on the X platform (formerly Twitter) went semi-viral, raising concerns about the integrity of the XRP market. One user, who goes by the handle DigitalG, pointed out that the price of XRP remained unchanged despite the enormous movement of funds.
DigitalG stated, “When a whale buys more than a quarter of a billion XRP a couple of hours ago, without so much as a flicker in the unit price of XRP, surely even the most trusting will suspect that this whole XRP market has a few fundamental issues.” This statement echoed the sentiment of several community members who accused the market of being manipulated.
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David Schwartz, Ripple’s CTO, responded to the growing speculation. He explained that the transaction most likely represented a withdrawal from an exchange rather than a fresh market buy. In his words, the transfer is “almost certainly” not a recent purchase, and thus it had no reason to impact XRP’s price.
Price Action Remains Stable Despite Large Transfers
Currently, XRP is trading at $2.40, according to the latest CoinGecko data. The token has declined 3% in the past 24 hours, showing no bullish momentum related to the reported transaction. Notably, this is not the first time Whale Alert has reported significant XRP movements with no visible impact on price. Earlier this month, the platform detected several similar high-value XRP transfers.
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However, those transactions also failed to drive any major price fluctuations, reinforcing the argument that these are not actual buy orders. While the $237 million XRP transfer initially sparked rumors of a major whale investment, Ripple’s CTO has clarified that the activity likely involved internal fund movement rather than a genuine market buy.
As a result, the token’s lack of price movement aligns with the nature of the transaction. The community’s concerns highlight ongoing skepticism around XRP’s market behavior, but current evidence points to non-market factors behind these large transactions.
