$500M Worth Of XRP Withdrawn From Kraken, Sparking Community Questions Over XRP Price

A high-value XRP transaction involving the transfer of over $500 million has raised arguments within the crypto community over possible market manipulation. The story was first shared by Whale Alert on X, where they disclosed that a whale moved 236.98 million XRP, about $567 million, out of Kraken in a single transaction. 

With such big moves, you'd expect some action on the charts, but the XRP price stayed flat, trading in its consolidation range. This event sparked a debate about what's happening behind the scenes; thankfully, Ripple CTO David Schwartz was around to provide answers.

The breakdown: Is the XRP price manipulated?

The frustration with XRP's price movements has been building even before this commotion started. While Bitcoin soared to a new all-time high above $111,000 earlier in May, the XRP price didn't budge. It's been holding steady around $2.40 since the beginning of the year and is down by 0.6% for the month. 

Still, Stellar Expert on X has suggested that such a heavy accumulation should have resulted in buying pressure in the market. He noted the absence of price spikes or unusual wicks and further questioned if the XRP market was functioning naturally or exhibiting simulated behavior. 

Digital G, a pseudonymous former City of London fund manager, echoed similar concerns. According to him, a transaction involving more than a quarter-billion XRP with zero price movement is unusual.

Ripple CTO steps in to clarify the nature of the whale signal

When things started getting heated in the community, Ripple's Chief Technology Officer, David Schwartz, decided to step in to enlighten the crypto community. He noted that the transaction is probably related to a withdrawal, which doesn't confirm a recent purchase. 

According to him, the whale could have bought some tokens earlier on and moved them recently. XRP's derivative data backed these claims, revealing that the transaction likely involved a simple withdrawal rather than a direct market buy.

The tokens were moved from Kraken to a non-custodial wallet, which often signals a shift to cold storage rather than immediate trading.

XRP price faces steep selling pressure instead of whale signals

Amid the 237 million tokens whale transfer situation, Dom, an order book researcher, suggested that whales sold about 240 million XRP on popular platforms, including Coinbase and Upbit, over the past week. This significant outflow may be contributing to the asset's muted price reaction, offsetting any bullish effects from large withdrawals.

In all, the misinterpreted signal was a good learning moment for traders in the market. It teaches that not every big transaction on whale trackers can be a bullish signal - sometimes huge investors are just transferring their holdings. 

Remittix (RTX): The XRP alternative investors are buying into

With the XRP facing market selling pressures, a new crypto, Remittix, is here to pick up where it left off in the global remittance sector. Through its PayFi platform, Remittix curbs the issue facing this thriving market by making global payments quick, painless, hassle-free, and, above all, cheap.

The project has raised more than $15.4 million and sold over 540 million tokens in a presale currently costing merely $0.0781 each. This runaway speed signals investors' trust in its market appeal and utility. Pundits are comparing Remittix to Ripple's early days, but with more simplicity.

With the recent market trends pointing towards payment-layer innovation and crypto-friendly regulations, RTX is making its debut at the right time.

Conclusion 

The community response to this XRP whale transaction highlights the growing risks of speculative trading. In this light, XRP investors are making the necessary shift to Remittix, whose immediate utility is fixing the gaps in the global remittance market. $RTX tokens are available online at $0.0781.

Discover the future of PayFi with Remittix by checking out their presale here:

Website: https://remittix.io/ 

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