As it became known thanks to a report from Whale Alert, tens of millions of XRP left the major crypto exchange of Korea Upbit to an unknown destination. In particular, 30 million XRP worth about $17.4 million left “rDxJNb,” which belongs to Upbit, to the wallet “r4186.”
There is no specific information about this wallet, as according to Bithomp explorer of XRP Ledger, it does not belong to any known holder. It was activated in June this year with 11 XRP. After receiving 30 million tokens, the recipient started distributing this colossal amount to other unknown wallets, and as a result there were only 1.169 million XRP on “r4186.”
Notably, XRP has seen increased trading activity in the last 24 hours and is currently the sixth most traded asset on Upbit. The trading volume of the popular cryptocurrency in pairs against KRW totals over $106.6 million over the past day. This is almost double the trading volume of Bitcoin there.
🚨 30,000,000 #XRP (17,938,613 USD) transferred from #Upbit to unknown wallethttps://t.co/4CTVv4MVQQ
— Whale Alert (@whale_alert) September 22, 2024
In the common sense of crypto market participants, withdrawals from exchanges are seen as a positive sign in favor of bullish traders. Such moves are seen as a cold storage withdrawal by a major player who has purchased a large amount of cryptocurrency on a centralized platform.
In addition, the recent surge in trading volume may reflect growing interest from retail investors, further fueling speculation about XRP’s future trajectory. Increased liquidity can attract more participants to the market, potentially creating a positive feedback loop that drives prices higher.
The crypto community better be watching closely to see how these movements impact XRP’s performance in the coming days.