A recent XRP ($2.03) transaction worth over $500 million has ignited fresh concerns over possible market manipulation. The massive transfer involved 236.98 million XRP valued at approximately $567 million withdrawn from the Kraken exchange in a single transaction. Despite the size of the move, XRP’s price remained unaffected, raising eyebrows among traders and analysts.

XRP Price Remains Flat Despite Massive Withdrawal

XRP continues to trade at $2.4, showing a slight 0.6% decline over the past week. The absence of any significant price change following such a large transaction has puzzled market watchers. By comparison, other leading cryptocurrencies like Bitcoin have posted notable gains recently.

Related article: Ripple’s Stablecoin Strategy: Could Buying Circle Send XRP Soaring?

A well-known analyst, Stellar Expert, highlighted the lack of any price spike or unusual candle formations on trading charts. He emphasized that such a transaction, under normal circumstances, would trigger visible movements in the market. As a result, he urged XRP supporters to scrutinize the market for potential manipulation.

Blockchain Data Suggests Cold Storage, Not Market Buy

Blockchain records reveal that the XRP was transferred from Kraken to a non-custodial wallet. This typically indicates a shift to cold storage rather than an intention to sell or trade immediately. Therefore, the transfer did not impact the exchange’s order book, as it did not follow a direct market purchase.

Ripple’s Chief Technology Officer, David Schwartz, weighed in on the transaction. He confirmed that the event appeared to be a withdrawal. Although he could not confirm a recent purchase, he acknowledged that the wallet owner may have bought XRP prior to the transfer.

Whale Selling May Offset Bullish Sentiment

Simultaneously, market researchers observed continued sell pressure in the XRP order books. They reported that whales sold roughly 240 million XRP on major exchanges like Coinbase and Upbit over the past week. This selling activity may have neutralized any potential bullish effects from the Kraken withdrawal.

Related article: XRP Price Slips 2.3% After $178M Whale Transaction

The lack of any upward price movement despite a $567 million withdrawal has fueled speculation about the transparency and behavior of the XRP market. While blockchain data confirms a simple transfer to cold storage, the market’s reaction or lack thereof raises important questions about price dynamics and potential manipulation.

Although the transaction does not conclusively prove manipulation, it highlights the need for closer monitoring of high-value transfers and their effects on price.

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