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A big XRP transfer from Upbit, South Korea’s biggest crypto exchange, is causing some buzz about what it might mean for the popular cryptocurrency. Whale Alert tracked the withdrawal of 24 million XRP, worth about $60.63 million, from Upbit’s wallet “rDxJNb” to an address that had not been recognized before, “r9n1JL.”
It is common for such a movement to be made between the big players in the cryptocurrency game, like Ripple or major exchanges like Binance, so it’s possible this wallet could even belong to Upbit itself. But this is just guesswork, and we are still not sure who owns the address.
The timing of the transfer is also interesting. XRP’s price has surged by over 10% over the course of yesterday, making it the main attraction of the market once again. When big investors or whales take out money from exchanges like Upbit, it usually means they are buying up a bunch of XRP.
🚨 🚨 🚨 24,000,000 #XRP (60,631,656 USD) transferred from #Upbit to unknown wallethttps://t.co/OKDmDjv66v
— Whale Alert (@whale_alert) January 12, 2025
And Korea has always been a hot spot for XRP, with local investors being big fans of the token. This and the recent outflow has people wondering if there’s something bigger going on in the market in this area.
While it is tempting to think this is a sign that whales are building up their holdings, it’s best not to jump to any conclusions just yet. Have to do some more digging and keep a close eye on things to see what is really going on.
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