In a move that has captured attention in the crypto market, a whopping 20 million XRP has been moved within the last 24 hours from one of South Korea’s leading crypto exchanges, Upbit.
According to the blockchain data tracker Whale Alert, 20,000,000 XRP, valued at approximately $11,733,269, was transferred from Upbit to an unknown wallet. This substantial transfer has ignited speculation about the possible motivations and plans of the whale behind this acquisition.
🚨 20,000,000 #XRP (11,733,269 USD) transferred from #Upbit to unknown wallethttps://t.co/GSOIZewqvv
— Whale Alert (@whale_alert) September 15, 2024
Large transfers from exchanges to wallets are often seen as bullish signals as these withdrawals might signify buying. The move might also be aimed at safeguarding assets in cold storage.
Whales tend to take their assets off exchanges when they have long-term intentions, as transferring them into a personal or cold wallet might suggest that they do not intend to sell quickly and believe that the price might rise in the future.
This remains bullish as it could limit supply on exchanges, possibly driving up demand and price.
XRP in spotlight
XRP has been in the spotlight in recent weeks, primarily due to the recent developments in the Ripple lawsuit.
In the past month, Ripple scored a victory in the SEC lawsuit as the agency’s demand was slashed by about 94% with Ripple ordered to pay $125 million. This put an end to the nearly four-year-long battle with the SEC, breathing new life into XRP’s market sentiment.
Ripple no doubt set a precedent in the crypto industry with its valiant fight against the SEC.
Ripple CLO Stuart Alderoty highlighted this in a recent tweet saying “Ripple’s case is over, but the fair notice defense is still alive for others.”
On the other hand, South Korea remains a hotspot for XRP trading, as recently reported, XRP ranks among the most traded cryptocurrencies in the region.
