An unidentified $XRP whale has withdrawn millions worth of the token from South Korean exchange Upbit, coinciding with the recent price recovery.
The recent transaction further reduced $XRP’s available supply on trading platforms. Meanwhile, the timing of this move and the anonymity of this address are raising eyebrows among the $XRP community.
Key Points
- An $XRP whale withdrew 6.3 million $XRP from Upbit on Tuesday.
- Current data show that the wallet holds 119,800 $XRP tokens, worth $171,800, well below the amount it received from Upbit yesterday.
- This wallet has been active since receiving these 6.3 million tokens, broadly distributing them across multiple addresses.
- XRPScan shows that the address was activated by “rEdP7w,” an account that links back to bankrupt crypto exchange Bittrex.
Someone Moved Millions of $XRP Off Exchanges
Data from Bithomp shows that this transaction happened on Tuesday, at around 13:23 UTC. The address “r3bqvUf” received 6.3 million $XRP, worth $8.8 million at the time, from South Korea’s leading centralized exchange, Upbit.
Bithomp marked the address as unknown, adding a layer of curiosity about the move. Whether it is an institutional user or a crypto millionaire accumulating $XRP remains unclear at this time, but such a large move suggests that $XRP is gaining attention.
However, there is a catch. Current data show that the wallet now holds 119,800 $XRP tokens, worth $171,800, well below the amount it received from Upbit yesterday.
Wallet Disperses Received $XRP Tokens
Further on-chain analysis shows that this whale wallet has been active since receiving these 6.3 million tokens, broadly distributing them across multiple addresses. Some of the identified beneficiaries include Binance, Bybit, Bitget, and Gate.io. Several other unknown wallets received shares of the stash.
This suggests that the account was a mere funnel through which the owner moved tokens to other addresses. Earlier transactions proved this too.
Meanwhile, XRPScan shows that the address was activated by “rEdP7w,” an account that links back to bankrupt crypto exchange Bittrex. The platform filed for bankruptcy in 2023 and supported $XRP while it was functional.
As such, the series of transactions related to the 6.3 million $XRP withdrawal from Upbit and its distribution could simply be an exchange move to reshuffle its holdings. However, this remains speculative.
$XRP Price Resurgence
The transaction followed a price rebound from $XRP, mirroring the broader market trend. The coin has increased by 1.95% in the past 24 hours, extending its growth since the start of this week to 3.4%. $XRP now trades at $1.43, up 27% from its February 6 low of $1.12.
Despite this strong rebound, it has not yet matched Bitcoin’s recent performance, as capital seems to remain in the crypto leader rather than rotate into other large caps.
Meanwhile, recent analysis suggests this could change as $XRP has printed its tightest Bollinger band in years. Citing this, the commentary predicted a big move is on the horizon.
