Whale alert, a crypto transaction monitoring platform, has detected substantial movement in the XRP market. About 30 million XRP tokens, valued at about $19 million, were withdrawn from Upbit, South Korea’s leading cryptocurrency exchange, which has a turnover of $5.5 billion, it was reported. CoinMarketCap.
Whale alert, a crypto transaction monitoring platform, has detected substantial movement in the XRP market. About 30 million XRP tokens, valued at about $19 million, were withdrawn from Upbit, South Korea’s leading cryptocurrency exchange, which has a turnover of $5.5 billion, it was reported. CoinMarketCap.
The withdrawal went to an undisclosed address called “r3ow,” known for its history of handling large XRP transactions. Currently, only 978,122 XRP tokens remain at this address, indicating a rapid dispersion to various destinations.
Such significant withdrawals from stock markets often suggest strategic asset management, potentially reflecting bullish sentiment among investors. On the contrary, movements towards the stock markets usually mean a propensity to sell.
XRP has risen to become the fourth largest trading pair on Upbit, accounting for $415.56 million in turnover when combined with the Korean won, accounting for 7.57% of the exchange’s total turnover.
XRP Price Outlook
Although the last few days have seen a notable rally in the price of XRP, with gains of over 10%, the token’s current trajectory suggests a minor setback. The influx of withdrawals has not significantly altered the situation, although it remains stable, especially considering XRP’s recent performance amid market volatility.
The increase in trading volume, coupled with Upbit’s withdrawal, underscores the growing interest and activity around XRP, amid broader market fluctuations. Investors and observers await new developments as XRP navigates through the complexities of current market dynamics.
