Despite $200 Million XRP Transfer, No Price Reaction?…Ripple CTO Says "Exchange Withdrawal Assumed"

Minseung Kang

Summary

David Schwartz, Ripple CTO, refuted the market manipulation theory questioning the lack of price fluctuation despite the movement of approximately $237 million worth of XRP.
Schwartz stated that the movement of about 90 million XRP captured by Whale Alert is likely an exchange withdrawal.
He explained that it is difficult to view the transfer as a purchase reflecting actual demand, hence the lack of price fluctuation.

David Schwartz, Ripple's Chief Technology Officer (CTO), has directly refuted the recently raised 'market manipulation theory'. Despite the large movement of approximately $237 million worth of XRP the previous day, with no price fluctuation, some community members have raised questions about the structure of the XRP market.

According to the cryptocurrency specialist media U.Today on the 22nd, Whale Alert captured the movement of about 90 million XRP to a single address on the 21st. However, the market price showed no reaction at the time of the transfer. In this regard, some community members suggested the possibility of market manipulation, stating, "If a purchase of this scale had been made, the price should have moved."

In response, CTO Schwartz stated, "The transaction is almost certainly an exchange withdrawal," and explained that it is difficult to see it as a purchase reflecting actual demand. It was merely a transfer of the whale's holdings from the exchange to an external wallet, which did not cause any price fluctuation.

XRP