A $237M XRP transfer sparked rumors, but Ripple’s CTO clarified it was just a withdrawal — market remains steady - IcoHolder.

A recent $237 million XRP transfer reported by Whale Alert stirred excitement across the crypto community, with many speculating that a major whale had just bought a substantial amount of XRP. However, Ripple’s CTO, David Schwartz, quickly dispelled these rumors, suggesting the transaction was “almost certainly” just a withdrawal from the Kraken exchange rather than a fresh purchase. This explanation aligns with the fact that XRP’s price showed little to no reaction following the transfer.

Whale Alert had flagged the movement of nearly 237 million XRP—valued at over $567 million—from Kraken to an unknown wallet, sparking widespread discussion on social media about market transparency and price implications. Despite the size of the transfer, XRP’s price remained steady, trading at around $2.43 and showing a slight decline over the past 24 hours. Experts noted that large token transfers like this one have occurred before without causing significant price shifts because they typically involve wallet-to-wallet movements rather than actual trades.

Analysts also issued a word of caution despite prevailing bullish sentiment. Crypto app Alva highlighted technical indicators pointing to overbought conditions and bearish signals, which may signal a potential price pullback. The fluctuating whale activity and falling open interest emphasize the need for vigilance among traders, although long-term investors might see these dips as opportunities if XRP adoption continues to grow.

Ultimately, while the transfer ignited speculation and debate, Ripple’s CTO helped clarify the situation, underscoring how quickly the crypto community can jump to conclusions when large transactions surface. This episode reflects the ongoing challenges in interpreting market signals amid high-value token movements in the cryptocurrency space.