As the token slipped back under the $3 mark, speculation ran wild that the transfer could signal a looming sell-off.

But the reality was far less dramatic. On-chain data later revealed the transaction wasn’t an external sale at all – it was an internal transfer between Ripple-controlled wallets. Blockchain trackers showed 18.7 million XRP shifting from “Ripple (31)” to “Ripple (1),” a move that hadn’t occurred for over two years.

Analysts digging deeper linked the transfer to the Midnight Foundation’s “Midnight Glacier Drop,” a major airdrop event distributing XRP across multiple chains. Ripple (31) received the tokens as part of this initiative before sending them to its main wallet for consolidation. That same address, Ripple (1), had already seen hundreds of millions in inflows from other Ripple-linked wallets, including a 300 million XRP transaction just days earlier. It now holds nearly 669 million XRP in total.

While the whale scare proved unfounded, XRP’s price momentum remains fragile. The token has struggled to stay above $3, dipping 2% over the past 24 hours to hover near $2.98. Despite a slight rise in trading volume, large holders have yet to reenter the market in a meaningful way.

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Data from CryptoQuant still shows negative whale flow on a 30-day average, suggesting distribution continues among top wallets. Futures traders, however, appear more optimistic – CoinGlass recorded a modest uptick in open interest, signaling speculative appetite remains intact.

Technical charts point to a possible turning point. Analysts are eyeing a falling wedge formation that could trigger a short-term breakout if confirmed, with potential upside toward $3.33 and beyond. For now, though, $2.80 stands as the key support zone – an area that may determine whether XRP’s recent slump is merely a pause or the start of a deeper correction.

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