Key highlights:
A massive XRP transfer initially looked like another whale accumulation, but the wallet history points to a much more routine explanation. A total of 145,634,500 XRP, worth around $206.55 million at the time, moved between two wallets on September 14.
The $209M XRP transfer raised whale speculation
Whale Alert initially identified both addresses as unknown, putting the transaction on the radar of traders watching for large XRP movement. Large XRP transfers attract attention because they can signal accumulation, exchange movements, or potential selling pressure.
The transfer involved more than 145.6 million XRP, making it one of the largest XRP movements tracked during the period. Last month, CoinCodex recorded a spike in XRP whale accumulation with investors taking advantage of the dip in asset prices.
At face value, the lack of identified ownership in the latest fund movement left plenty of room for speculation. A transfer of that size could have represented a whale moving funds into long-term storage or preparing to distribute them elsewhere.
Wallet history points to Uphold
A close look at the wallet history paints a clear picture of the entity involved. The addresses involved are linked to Uphold’s XRP custody infrastructure rather than an independent whale accumulating XRP.
The distinction matters because Uphold holds large XRP amounts on behalf of its customers. Uphold’s CEO Simon McLoughlin has previously clarified that the company’s large XRP reserves represent customer assets held in custody, rather than XRP owned by Uphold itself.
Uphold has also maintained a strong relationship with XRP. The platform added XRP support in 2018 and has continued supporting the asset through turbulent periods when other exchanges removed it from their platforms.
The wallet history makes an internal custody transfer a more plausible explanation than a new whale position.
The receiving address also does not show the typical behavior traders would expect from an entity preparing to sell hundreds of millions of dollars worth of XRP. Instead, the movement fits the pattern of an exchange or custodian shifting assets between wallets under its control.
XRP price holds steady
With the realization that the movement was not linked to an imminent whale sell-off, XRP price held steady. According to CoinCodex data, XRP is trading at $1.39, continuing its week-long sideways trading trend.
On the one-week chart, XRP is down by less than 1%. However, a look at the 30-day chart reflects a strong surge for XRP with the asset climbing by an impressive 39%. There is rising chatter that XRP price can clinch $1.55, driven by a raft of macroeconomic and protocol-level headwinds.
Source:: A $206M XRP Transfer Looked Like a Whale Move – The Wallet History Says Otherwise