Ripple transfers over $152 million worth of XRP to CEX, on-chain large-scale rebalancing triggers market correction concerns

Ripple once again transferred a large amount of XRP to a wallet associated with a certain CEX on December 12, drawing significant market attention to the short-term price trend of XRP. On-chain data shows that a total of 75,316,328 XRP were transferred to the exchange-related address, worth approximately $152.98 million based on current prices.

According to Whale Alert monitoring, this transfer originated from Ripple(50) main wallet, then flowed to its sub-wallet “rnU65s,” and finally reached the CEX(10) activated wallet “rpxh7h.” Such a large-scale sell pressure potentially supplies the market, raising concerns among participants about a possible short-term price correction for XRP.

Meanwhile, Whale Alert also highlighted another transfer worth about $185 million, totaling 90 million XRP. However, on-chain analysis confirms this was a repositioning transaction between internal sub-wallets of another platform, not external sell pressure.

It is worth noting that this transfer occurred after Ripple’s large-scale wallet restructuring. The day before, Ripple moved over 600 million XRP to different sub-wallets and new wallets, with on-chain capital flows significantly increasing.

Despite the large transfers, spot XRP ETFs continue to see strong capital inflows. Data from SoSoValue shows that on December 12, XRP spot ETF recorded a single-day inflow of $16.42 million, with total net inflows approaching $1 billion. The 21Shares XRP ETF (TOXR) also continues to attract funds.

In terms of price, although earlier Ripple’s transfer of over $101 million XRP to CEX caused a short-term drop of 5%, the current market performance remains relatively stable. As of press time, XRP is priced at about $2.04, with a slight rebound of 1.70% in the past few hours. The intraday trading range is between $1.98 and $2.05. However, 24-hour trading volume has decreased by about 30%, indicating weaker market participation.

The derivatives market also shows signs of cooling down. Data from CoinGlass indicates that XRP futures open interest (OI) has decreased by 0.33% in the past 24 hours to $3.69 billion. Meanwhile, CME and the aforementioned CEX XRP futures OI increased by only 2% and 0.41%, respectively, reflecting cautious attitudes among institutions and traders after large on-chain transfers.

Overall, Ripple’s recent frequent large transfers have heightened market worries about potential selling pressure, while strong ETF inflows provide some price support. If XRP can effectively break through the $2.28 resistance in the future, analysts believe there is still a chance to push towards the $2.75 range, but market sentiment remains cautious for now.