Major XRP Outflows in Korea Hint at Bigger Play Unfolding

As it became known thanks to a report of Whale Alert, a large transfer of XRP tokens took place from Upbit, South Korea’s largest cryptocurrency exchange. According to on-chain explorer data, 11 million XRP, equivalent to about $28.11 million, were withdrawn from Upbit’s wallet “rDxJNb” to an unknown entity under the address “r325zs.”

According to data from Bithomp, the XRP ledger explorer, the unknown address was activated by a transfer of 11 XRP in October. Who is behind it is unknown. Usually, such transfers occur between entities associated with the cryptocurrency, such as Ripple or Bitstamp. The wallet may belong to Upbit itself, as the frequency and nature of the transactions suggest this possibility. However, this remains a mystery and probably deserves further investigation.

The transfer generated a lot of interest. First of all, because withdrawals from centralized exchanges are seen as a signal of accumulation by whales, as large investors are called in the crypto market. Coming amid the impressive price performance of XRP, which has risen nearly 500% since the beginning of November, a transfer of this magnitude could prompt someone to follow suit and buy more XRP.

🚨 🚨 11,000,000 #XRP (28,100,828 USD) transferred from #Upbit to unknown wallethttps://t.co/LjUZsvs0Td

— Whale Alert (@whale_alert) December 8, 2024

The fact that it happened with Korea’s major exchange also adds a layer of intrigue. There was some unexpected volatility on Upbit this week, and Korean investors are known for their enthusiasm for XRP. So we have two indirect but bullish signals for XRP.

For many, it may be enough to interpret this as “Korean whales are accumulating millions of XRP,” but like everything else in the crypto market, it’s just a surface, and deeper research needs to be done before jumping in.

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