Large XRP Transfer Sparks Speculation Amid Market Fluctuations

According to U.Today, a significant XRP transaction was recently detected, involving the transfer of 35 million XRP, valued at approximately $58.29 million, between two unidentified wallets. This movement was reported by Whale Alert, a service that tracks large cryptocurrency transactions. Such transfers often attract attention from market participants, particularly when the addresses involved are unknown, as they can be perceived as potential indicators of price manipulation. Given the current performance of XRP, these transactions could significantly influence investor sentiment. The transaction was conducted between the addresses "rBEc94" and "rsX8cp," both of which remain unidentified according to the tracking service. However, data from XRPL explorers like Bithomb suggest that these addresses are linked to the large brokerage platform Uphold. Uphold is notable for its continued support of XRP during the regulatory challenges posed by the SEC v. Ripple court case. The platform reportedly holds nearly $3.85 billion in XRP user funds, with a coverage ratio of 100%. XRP trades constitute 26.23% of Uphold's total trading volume, with the number of transactions reaching 22.3 million. This substantial transfer, amounting to nearly $60 million, appears to be an internal operation of the Uphold platform. Interestingly, the timing of the transfer coincided with a brief fluctuation in XRP's price, which dropped by over 1.5% within six minutes of the transaction but subsequently rose by 1.87%. Such price movements following large transactions can lead to speculation about market manipulation, although in this case, it seems to be a routine internal transfer by a major token platform.