Whale Alert, a crypto transaction monitoring platform, has detected a significant movement in the XRP market. As reported by CoinMarketCap, approximately 30 million XRP tokens worth $19 million were withdrawn from Upbit, South Korea's leading cryptocurrency exchange.
Rise in XRP Prices Triggered 30 Million XRP Transfer
The withdrawal was directed to an undisclosed address labeled “r3ow”, known for its history of processing large XRP transactions. Currently, only 978,122 XRP tokens remain at this address, indicating a rapid distribution to various destinations.
Such significant withdrawals from exchanges often indicate strategic asset management and potentially reflect bullish sentiment among investors. Conversely, movements towards the stock markets can typically indicate a selling trend.
Although a significant rise in XRP price has been witnessed in recent days with gains exceeding 10%, the token's current trajectory indicates a minor pullback.
Withdrawals have not changed the situation significantly, but remain stable, especially considering XRP's recent performance amid market volatility.
The increase in trading volume, combined with the withdrawal from Upbit, underscores a growing interest and activity surrounding XRP amid broader market volatility.
*This is not investment advice.