The post Ripple CTO Dismisses $237M XRP Buy Theory Amid Manipulation Claims appeared first on Coinpedia Fintech News
A massive $237 million XRP transfer reported by Whale Alert caused a stir in the crypto community, with many speculating that a major whale had just bought a huge amount of XRP. But according to Ripple’s CTO David Schwartz, that’s probably not the case.
Instead, Schwartz believes the large transaction was just an exchange withdrawal – not a fresh buy. Still, the buzz has raised fresh questions about XRP’s price movement and how transparent the market really is.
What Really Happened with the $237M XRP Transaction?
Whale Alert flagged a transfer of 236,982,972 XRP (worth $567,278,563) from the Kraken exchange to an unknown wallet. This triggered speculation across X, with some users pointing out that despite the massive transfer, XRP’s price didn’t move at all.
Experts on X discuss that XRP may be facing some fundamental issues, and manipulation is concerning.
Ripple CTO: “Almost Certainly” Just an Exchange Withdrawal
Ripple CTO David Schwartz stepped in to calm the speculation. He explained that the transfer was “almost certainly” just a withdrawal from Kraken – not a new purchase. That would explain why there was no price impact.
This isn’t the first time large XRP transfers have made headlines. Earlier this month, Whale Alert reported similar movements, none of which had any major effect on XRP’s price. That’s because these transfers aren’t actual buy orders. They’re just token movements between wallets.
Analysts Flag Caution Despite Bullish Sentiment
Crypto app Alva responded to the news, highlighting technical indicators that suggest caution. According to Alva, XRP is showing overbought conditions and a bearish MACD signal, pointing to a possible pullback – even though overall sentiment remains positive.
Whale activity and institutional interest often shape the crypto narrative, but falling open interest may be a sign for traders to stay cautious. Still, for long-term investors, these dips could offer good entry points if XRP adoption continues to grow.
XRP Price Holds Steady
Despite the buzz around the $237 million transfer, XRP’s price hasn’t reacted much. As of now, it’s trading at $2.43 – down around 3.95% in the past 24 hours, according to CoinGecko.
One user on X pointed out that every buy has a matching sell, and in this case, the transfer didn’t represent a real trade.
So… Just Another Day in Crypto?
While the XRP community buzzed over the massive transfer, Ripple’s CTO has likely put the rumors to rest. The transfer was probably just a typical exchange withdrawal.
Still, the reaction online shows how quickly the crypto crowd jumps to conclusions, especially when high-value transactions are involved.
In a market where speculation moves faster than facts, staying informed is more important than ever.