A recent transfer of over $237 million worth of XRP has raised concerns within the crypto community, following its detection by Whale Alert approximately 16 hours ago.
The substantial transfer did not result in any price fluctuation, sparking speculation that the token may be facing underlying market inefficiencies.
Despite the size of the transaction, XRP continues to trade at $2.43, showing a 4% decline in the past 24 hours.
The lack of reaction has led many traders and on-chain analysts to question whether this was a genuine purchase or simply an internal movement.
Source: CoinMarketCap
Analysts question if transfer reflects market demand
The transfer, while massive in nominal terms, was interpreted by Ripple’s Chief Technology Officer David Schwartz as likely being a wallet withdrawal rather than a fresh acquisition.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 236,982,972 #XRP (567,278,563 USD) transferred from #Kraken to unknown wallet
whale-alert.io/transaction/ri…
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This interpretation aligns with historical behaviour observed in similar high-value XRP transactions flagged by Whale Alert earlier this month.
In most of those instances, the price of XRP also remained unchanged, indicating these are likely custodial shifts rather than actual market buys.
While there is no indication of manipulation backed by hard evidence, the crypto community’s reaction on social media reflects a mounting concern about the transparency and integrity of XRP’s trading dynamics.
On X, formerly Twitter, a post from user DigitalG questioned the structure of the market:
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.
Community raises red flags over XRP volatility
Multiple users engaged with the post, calling the lack of volatility “unusual” and suggesting that “manipulation” in XRP’s order books may be masking true demand.
However, others pointed out that on-chain transfers often reflect strategic reserve movements between Ripple-affiliated wallets or exchanges, especially when prices are already under downward pressure.
Earlier this year, similar whale transfers of more than $100 million in XRP had been picked up by Whale Alert, with negligible effects on the token’s valuation.
These patterns have now led some community members to consider that XRP may be less sensitive to whale activity compared to other altcoins, or that large-scale movements are increasingly algorithmic and detached from typical buy-side pressure.
XRP faces pressure amid broader market slump
The stagnation in XRP’s price despite major movement comes at a time when the broader crypto market is seeing modest sell-offs.
Bitcoin remains range-bound near $61,000, while Ethereum has slipped below $3,000.
In this context, XRP’s inability to react to major whale moves might not be an isolated issue but rather part of a wider trend of diminished retail participation and thinner liquidity across secondary markets.
As of writing, XRP remains in a bearish posture, down 3% over the past day.
The absence of price action following a transfer of this magnitude further contributes to scepticism around market efficiency and the token’s responsiveness to external signals.
While Ripple has not made any formal statement about the transfer, the CTO’s input on X attempts to clarify the nature of the transaction without fully addressing the community’s growing doubts.
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