A Ripple-linked account has executed a massive on-chain transaction, transferring 200 million XRP, valued at approximately $410 million based on the market price of $2.05 on April 11.
The timing and scale of the move have sparked speculation across the crypto community, especially as XRP trades near critical support amid ongoing legal uncertainty and volatile market conditions.
With investor sentiment fragile and broader trends in flux, the transaction has raised concerns about the token’s near-term outlook.
Ripple’s 200 million XRP transfer fuels speculation
According to blockchain tracker Whale Alert, the transaction originated from a Ripple-tagged wallet ‘Ripple (1)’ and was sent to another address, rP4X2…sKxv3, which initially appeared to belong to an unidentified recipient.
However, data from Bithomp reveals that the receiving wallet, though seemingly anonymous at first, was activated by Ripple itself in October 2023 with an initial balance of 70 million XRP.
Such internal activity is typically tied to liquidity provisioning, institutional settlement preparation, or broader asset management. Even so, the size of the transaction has raised concerns among traders.
Some worry it could be a prelude to a market selloff, especially if the tokens are later moved to centralized exchanges. This could potentially increase the circulating supply and exert downward pressure on XRP’s price.
The timing of this move also coincides with recent legal developments in the Ripple vs. SEC lawsuit, adding another layer of speculation to the event.
Recent developments paint a conflicted picture for XRP. On the positive side, the launch of a leveraged XRP ETF, the disbanding of the DOJ’s crypto enforcement task force, and the reversal of a controversial IRS rule have all provided tailwinds for the token.
However, broader macroeconomic headwinds have weighed heavier. Taken together, these factors suggest that speculation is likely to persist, especially as market conditions remain fragile and XRP continues to trade near key technical levels.
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