CTO of Ripple Rejects $237 Million in XRP Buy Theory in the midst of claims of manipulation
CTO of Ripple Rejects $237 Million in XRP Buy Theory in the midst of claims of manipulation
Coinpedia Fintech News was the first publication to publish the article titled “Ripple CTO Dismisses $237 Million XRP Buy Theory Amid Manipanization Claims.”
Many people in the cryptocurrency community speculated that a large whale had recently purchased a significant quantity of XRP after a substantial transfer of XRP worth $237 million was reported by Whale Alert. This generated a stir in the community. But according to David Schwartz, the Chief Technology Officer of Ripple, it is most likely not the case.
On the other hand, Schwartz is of the opinion that the substantial transaction was only a withdrawal from an exchange and not a new purchase. Despite this, the buzz has brought up new doubts about the movement of the price of XRP and the degree to which the market is really transparent.
Is There Any Truth to the $237 Million XRP Transaction That Took Place?
Within the Kraken exchange, a transfer of 236,982,972 XRP, which is now valued at $567,278,563, was detected by Whale Alert. The wallet in question was unknown. As a result, suspicion spread around X, with several users pointing out that the price of XRP did not change at all despite the enormous transfer that took place simultaneously.
Experts on X have discussed the possibility that XRP is dealing with some basic flaws, and they are concerned about manipulation.
“Almost certainly,” said the Chief Technology Officer of Ripple. Simply a withdrawal from the exchange
David Schwartz, the Chief Technology Officer of Ripple, intervened to put an end to the rumors. He clarified that the transfer was “almost certainly” merely a withdrawal from Kraken and not a fresh purchase. He said this in his explanation. Consequently, this would explain why there was no influence on the price.
No, this is not the first time that significant XRP transactions have garnered media attention. In the beginning of this month, Whale Alert recorded moves that were comparable, but none of these movements had a significant impact on the price of XRP. Due to the fact that these transfers are not true purchase orders, this is the case. These are only transfers of tokens from one wallet to another.
Despite bullish sentiment, analysts warn users to exercise caution.
After hearing the news, the cryptocurrency app Alva provided a response by emphasizing technical indications that indicate concern. Alva claims that XRP is exhibiting overbought circumstances and a negative MACD signal, all of which indicate that a probable downturn may occur, despite the fact that sentiment as a whole continues to be rather favorable.
When it comes to cryptocurrency, the narrative is often shaped by whale behavior and institutional interest; nevertheless, a decline in open interest may be an indication for traders to remain cautious. Nevertheless, on the other hand, if the use of XRP continues to increase, these dips can provide attractive entry opportunity for long-term investors.
Price of XRP Remains Unchanged:
In spite of the excitement around the transfer of $237 million, the price of XRP has not responded too substantially. According to CoinGecko, it is now trading at $2.43, which is a decrease of around 3.95% over the course of the last twenty-four hours.
It was pointed out by a user on X that every purchase is accompanied by a corresponding sell, and in this particular instance, the transfer did not constitute a genuine exchange.
Then… A Day Like Any Other in Cryptocurrency?
Even though the XRP community was buzzing over the huge transfer, it is probable that Ripple’s Chief Technology Officer has put the rumors to bed. Most likely, the transfer was nothing more than a standard withdrawal from the exchange.
Nevertheless, the response on the internet demonstrates how rapidly the cryptocurrency community leaps to conclusions, particularly when high-value transactions are under consideration.
Staying educated is more vital than it has ever been in a market where speculation moves quicker than truth.
