Based on blockchain records, approximately 32 million XRP have been moved from Upbit, a major South Korean cryptocurrency exchange, to an undisclosed wallet.
The large-scale shift of XRP from Upbit to an unidentified wallet has ignited discussions within the crypto world about the possibility of a big investor buying XRP.
According to the crypto data monitor Whale Alert, there was a transaction transferring approximately 32 million XRP, equivalent to around $19.35 million, from Upbit to an unidentified digital wallet.
The owner of the whale transaction remains a mystery, making the sale more intriguing. The associated wallet is newly activated, created as recently as September 2023, but without a registered username on Bithomp, the identity of the user remains elusive.
An Institutional investor or a wealthy individual with significant funds might be behind this large transfer of XRP, given its substantial volume, indicating their belief in XRP‘s prospective growth and acceptance.
One alternative explanation could be that major investors, referred to as “whales,” may be buying large quantities of XRP in preparation for favorable news, price fluctuations, or as part of a strategic long-term investment plan. This activity might also indicate funds being reallocated or moved to secure cold storage for extended holding rather than selling immediately.
It’s worth mentioning that the transaction took place when cryptocurrency prices were dropping significantly throughout the market. However, it’s possible that the large investor (referred to as a “whale”) was attempting to buy at lower prices with the intention of accumulating more assets.
Bitcoin and most other well-known cryptocurrencies, including altcoins, experienced a decline as investors cashed in their profits from earlier in the week. XRP was among several tokens that dipped, dropping by 0.01% to reach $0.612.
Recently, Whale Alert, a crypto data monitor, announced in a separate occurrence that approximately 23.87 million XRP, equivalent to around $14.85 million, were transferred from an unidentified digital wallet to the cryptocurrency exchange, Bitstamp.
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2024-04-10 16:22